Following its acquisition and delisting of Indluplace Properties for R1bn last year.
SA Corporate Real Estate – one of SA’s oldest JSE-listed property companies which was a takeover target a few years ago – is eyeing further expansion in the multifamily residential market.
The Indluplace deal was finalised in the second half of last year, and saw the residential real estate investment trust being delisted from the JSE. The residential commercial market is now being referred to as the multifamily residential or build-to-rent market in SA, in line with global trends and to secure investment into this ‘new’ specialist asset class in the property sector.
“The increase in NPI was largely driven by the acquisition of Indluplace and the increase in the like-for-like portfolio,” said SA Corporate. SA Corporate has a R19 billion property portfolio of assets under management and is invested in the retail, industrial and multifamily residential sectors of the market. It also has a small storage property business. ADVERTISEMENT CONTINUE READING BELOW Office exit
While Musgrave Centre is not located in the Durban CBD, SA Corporate said in its results booklet that ‘the group’s small commercial portfolio is largely impacted by vacancies in the office space above the retail centres”.
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