Liberty Group Limited, a wholly-owned division of Liberty Holdings Limited, today announced the acquisition of a 25% undivided share in the yield producing assets of the Melrose Arch Precinct, from Melrose Arch Investment Holdings (“MAIH”).
Commenting on the transaction Amelia Beattie, Chief Investment officer, STANLIB Direct Property Investments, the asset managers for the Liberty Property Portfolio, said: “We are excited to include Melrose Arch in our portfolio of premium quality assets. The new partnership will enable us to maximise the long-term sustainable investment performance of this quality asset.
“We continue to look for opportunities to re-balance, upgrade and restructure the Liberty Property Portfolio to support the investment strategy of delivering on the benchmark of CPI plus 5% per annum over a rolling five-year period.”
Melrose Arch is a high quality mixed use precinct situated in the northern suburbs of Johannesburg with a floor space of 200,000 m2 of high-end tenants.
James Wilson of Amdec, the holding company of MAIH, noted: “We are delighted to welcome Liberty as our new partner at Melrose Arch. This transaction will allow us to complete the remainder of the Melrose Arch development within the next five years. We are extremely excited about the potential opportunities that could develop through this new relationship.”
The transaction is subject to the approval of the South African competition authorities.