Arrowhead acquires property letting firm for R150m
South African property loan stock company Arrowhead has acquired an unnamed property letting enterprise and its related immovable properties at 55, 57 and 59 Glover road, Honeypark Extension 20, in Johannesburg, from Standard Bank South Africa for R150-million.
The immovable properties comprise 333 residential units, all of which were let to tertiary learning institution Monash South Africa in terms of a triple net lease.
Monash, in turn, sub-let the units to students that attended the university.
The acquisition, which would take effect on February 1, furthered Arrowhead’s strategy of expanding its residential property portfolio and, at a forward yield of some 12%, was in line with Arrowhead’s focus on distribution-enhancing acquisitions.
Following the implementation of this acquisition, Arrowhead’s residential portfolio would be worth about R550-million.
The company said in a statement on Monday that it would continue to actively explore opportunities to grow its residential portfolio to provide unitholders exposure to what it considered a high-growth sector of the real estate market, which was currently underrepresented in the South African listed sector.
Arrowhead intended funding the acquisition, which remained conditional upon approval by the competition authorities, from existing debt facilities.
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