Ascension, Nedbank conclude R45m loan
Substantially black-owned and black-managed property income fund Ascension Properties has secured a R45-million loan from Nedbank Corporate Property Finance.
The financing would enable the Western Cape-based JSE-listed property group to buy the Swiss House in Marshalltow, in Johannesburg for R66-million. It would fund the balance of the transaction from its available cash.
The property, located at 86 Main street, is a fully let B-grade office block with 8 056 m2 office space and 95 parking bays.
The building had several leases in place, with Johannesburg Water occupying 6 902 m2 through a lease that expires on May 31, 2020.
The property group previously said in a statement that the acquisition was consistent with Ascension’s growth strategy and meets its investment criteria in terms of its location and its tenant-, lease-, and net income profile.
Ascension currently had a property portfolio in excess of R2.2-billion.
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