Arrowhead nears total disposal target
JSE-listed Arrowhead Properties’ sales pipeline has grown by a further R170-million to R1.43-billion, after the real estate investment trust reported a sales pipeline amount of R1.26-billion in September.
Additionally, Arrowhead advised that it had since transferred 11 sales, valued at R280-million, since its last announcement in September, bringing the total number of sales transferred for the year to R840-million.
Arrowhead had entered into sales agreements to dispose of certain immovable properties, including the Parow Industrial Park to Lemil Property Holdings for R95-million, the Durban Receiver of Revenue building to Vtec Properties for R235-million and the Durban Valley Industrial Park to Colkru Investments for R119-million.
More recently, an Arrowhead subsidiary called Cumulative Properties entered into an agreement with Madiba Property Investments to sell the Thohoyandou shopping centre for R39-million, while another subsidiary called Arrowgem will sell the Sibasa shopping centre to Madiba Investments for R37-million.
The disposals are in line with Arrowhead’s disposal programme aimed at repositioning the company’s property portfolio through strategic disposals and improving the company’s balance sheet and gearing.
If all of the company’s transactions proceed as planned, its total sales would be just under R2-billion, which would certainly strengthen Arrowhead’s balance sheet and reduce its loan-to-value ratio.
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