Spear REIT Limited Announces The Acquisition Of Two Properties From Inospace
Spear REIT Limited Announces The Acquisition Of Two Properties From Inospace. Spear REIT Limited has announced that it has entered into a sale of rental enterprise agreement with Inospace 2 Proprietary Limited, in terms of which Spear will acquire the property known as Erf 35538 Milnerton, held by the Seller under Title Deed T59483/2018 with all improvements thereon and the rental enterprise known as “The Island” conducted by the Seller on the Property, for a purchase consideration of R185 000 000.
The acquisition is in line with Spear’s stated strategy to continuously increase portfolio exposure to high quality industrial real estate with a focus on logistics, urban logistics and bulk warehousing within the Cape Town Metropol. The Property, known as “The Island”, is one of only a hand full of large-scale modern warehousing complexes with roof heights ranging from 11 metres to 14 metres under eaves, located in Paarden Eiland, Cape Town.
Paarden Eiland is within 10 minutes’ drive of the Cape Town CBD offering a compelling accommodation solution to urban logistics firms, large box destination-based service providers and engineering services serving the Cape Town Metropol, in addition to the shipping ports. The acquisition of the property further bolsters Spear’s high quality industrial portfolio and will meaningfully contribute to the ongoing sustainable and consistent cashflows generated across the balance of the 100% Western Cape portfolio.
Spear REIT Limited’s main business is investing in high-quality income-generating real estate across all sectors within the Western Cape, predominantly in the Cape Town region. The company successfully moved to the JSE Main Board on 22 May 2017. The company conducts its business directly and through a number of subsidiaries, collectively referred to as the “group”. The company’s property and asset management functions are internally and directly managed by the Spear executive management team.
