Octodec buys five properties for R140m
JSE-listed Octodec Investments has bought a cluster of office properties for a combined R140.5-million to expand its property portfolio and diversify its income streams.
The deal, which was expected to be concluded upon the fulfilment of conditions precedent by June, would see the company own a combined gross lettable area (GLA) of 14 303 m2 across five well-located regions.
Octodec bought Odeon Forum, in Lynnwood Glen, which had a GLA of 2 667 m2, from Odeon Investments for R34.6-million, as well as the Prime Cure house, with a 3 630 m2 GLA, in Highveld Park, Centurion, from Drystone Investments for R28.6-million.
Adamax Property Projects sold its 5 708 m2 Dynamech Office Park, its 1 510 m2 Planburo Consilium offices and its 788 m2 De Havilland Form properties to Octodec for R53.78-million, R15.8-million and R7.67-million respectively.
All the Adamax properties were located in Presequor Park, Pretoria.
Meanwhile, the company had spent about R40.3-million during the six months to February 2013 on the redevelopment and upgrade of several properties.
The upgrade of a mixed-use residential property, in Kerk street, in the Johannesburg central business district (CBD), was completed in February, while the completion of a 5 233 m² retail development, in the Pretoria CBD, followed in March.
Octodec had made capital commitments of R13.2-million for property redevelopments over the next six months.
Meanwhile, Octodec reported a distribution of 78.7c per linked unit during the six months to February – a 10.5% increase from the 71.2c reported in the prior interim period.
Rental income and net rental income for the six months to February increased by 13.9% and 11% to R247-million and R123-million respectively.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SafeQuip is a leading distributor and manufacturer of fire safety solutions, offering a comprehensive range of products designed to meet all...
VISIT SHOWROOM
The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
