Ingenuity Acquires 3 Properties For R190 Million

JSE- listed property investment and development company, Ingenuity Property Investments Ltd, has been on the acquisition trail picking up three additional properties for a total consideration of R190million.

This follows its recent acquisition of nine prime Cape Town properties from the Century City Property Investment Trust (CCPIT) and its partners for a total consideration of R866m, transfer of which took place in September.

Arnold Maresky, CEO of Ingenuity, said the latest properties to be acquired include Tellumat Retreat, an 18 200 square metre commercial and high tech industrial development at 64 White Road Retreat for a total consideration of R124,5 million which is to be settled through a combination of R74,7million in cash and a vendor placement of 58 588 235 new Ingenuity shares at 85c a share.

“The property is a significant site in a strategic area in Retreat and had been acquired in line with the company’s strategy to build a quality portfolio of assets focused in the Western Cape.

“The acquisition is earnings enhancing, underpinned by quality leases which run beyond five years. ”

The second property to be acquired is Chamber House, situated at 19 Louis Gradner Street, Foreshore, Cape Town for a purchase consideration of R18.5 million.

Maresky said this was a strategic acquisition as it meant the Group now owned the entire city block situated between Martin Hammerschlag Way, Jack Craig Street, Louis Gradner Street and Christiaan Barnard Street. The total site area is 11 500 square metres in extent and has further significant bulk for future development.

He said the third acquisition was the finalisation of the R47 million purchase of the SARS building, transfer of which was expected shortly.

Together the recent acquisitions will bring Ingenuity’s portfolio to around R2,4billion.

Leave a Comment