National Property Portfolio on Auction

National Property Portfolio on Auction
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synergy Acquisitions lift assets to R1.7bn

June 22 2012 at 05:00am
By Roy Cokayne

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Synergy, the listed convenience-retail property income fund, widened the value of its property assets to R1.7 billion with the acquisition of four properties portfolios in the six months since listing. The deals were in line with the fund’s aggressive growth strategy. Linked unitholders yesterday approved Synergy’s acquisition of Gugulethu Square in Cape Town and Setsing Crescent in Phuthaditjhaba for R530 million. The purchase will be funded by a combination of debt and equity funding. Its property portfolio will now comprise 14 shopping centres covering 177 000m2. Synergy chief executive William Brooks said focused specialisation would be a key driver of sustainable investment performance in the domestic listed property sector. Its units remained unchanged at R8.85. – Roy Cokayne


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