Arrowhead Properties: Eight buildings in Maboneng acquired

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Arrowhead Properties has agreed to acquire eight buildings in the Maboneng Precinct, east of Johannesburg’s central business district, for R180 million from urban regeneration company Propertuity. Maboneng is a mixed-use neighbourhood of 40 commercial, residential, industrial and retail buildings developed by Propertuity. The eight buildings acquired by Arrowhead have a lettable area of 58 000m² and are largely industrial, with a smaller office and retail component. Arrowhead said the acquisition, at a forward yield of 11 percent, was in line with its strategy of acquiring revenue-enhancing properties. The purchase agreement provided for a guaranteed return of 11 percent in year one, with an 8 percent escalation into year two. Arrowhead A-linked units rose 2c to close at R7.18 yesterday. – Roy Cokayne

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