Gemgrow Properties Limited, a specialist high yielding, high growth REIT listed on the JSE, has announced that it has concluded an agreement with Erf 266 Louis Trichardt Proprietary Limited, Solly Noor Trust and Solly Noor Prop Proprietary Limited for a purchase consideration of R330 million.
“We’re pleased to announce the acquisition of the predominantly retail portfolio in Louis Trichardt. These retail assets are placed in areas with high footfall and a strong consumer presence. These properties will deliver sustainable and measurable income growth with long leases in place with national retail tenants”.
“We are hoping to deliver further accretive acquisitions of a similar nature for our shareholders in the near future,” says Alon Kirkel, COO of Gemgrow.
The three properties to be acquired in Louis Trichardt, Limpopo, are known as Checkers Centre, Hawama Noor Centre as well as Shoprite and Noor Centre. The transaction is still subject to the fulfilment of certain conditions precedent.
“We believe we are in a unique position to consolidate the high yielding properties in the market through yield accretive acquisitions. This is a good example of the transactions we are able to conclude. We intend to manage risk through aggressive growth and diversification across the country and sectors” concluded Junaid Limalia, CFO of Gemgrow.