Fountainhead Property Trust: Robor premises bought, leased back

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Fountainhead Property Trust had entered into a sale and leaseback agreement to acquire Robor’s Elandsfontein head office and adjoining industrial property from the prominent tube and pipe manufacturing business for R570.7 million, the listed property firm reported yesterday. The fund said the acquisition of the 120 277m2 property was in line with its strategy to acquire large, quality assets with sustainable income growth and a low risk profile. It said the acquisition price and lease terms translated into an initial yield of 8.5 percent, escalating at 8 percent a year over the initial 10-year term. Fountainhead linked units lost 0.94 percent to close at R7.34 yesterday. – Roy Cokayne

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