Heriot Reit Announces Further Acquisition Of Shares In Safari Investments
Heriot Reit Announces Further Acquisition Of Shares In Safari Investments. Heriot Reit has announced that through Heriot Properties, it has acquired an additional 385 237 Safari shares for a purchase price of R5.75 per share and an aggregate purchase consideration of R2 215 112.75. Following the July acquisition, Heriot Properties and its concert parties now collectively hold 146 954 888 Safari shares, representing 57.0% of the total Safari shares in issue.
Safari is a JSE-listed REIT with a portfolio of retail, office and residential properties, with the majority of its assets being retail properties in and around Pretoria. The July acquisition is in line with Heriot’s stated strategy to increase its strategic holding in Safari as Heriot considers Safari’s property portfolio to be complementary to its own portfolio and believes that an increased shareholding will allow Heriot to expand its real estate investments.
Heriot was founded by Steven Herring in 1998 for the purpose of growing a property portfolio that generated sustainable long-term cash flows from blue chip tenants. Heriot’s introduction into the property market was through the industrial sector with properties underpinned by triple net, long term leases that facilitated quick growth of its asset base. Today, Heriot owns 19 industrial properties valued at R1.680 billion.
In 2003, Heriot diversified its portfolio into the retail sector with the development of a 1 500m² retail centre. Heriot now owns twelve retail centres with a GLA of 150 360m² in CBD’s, townships and rural areas that focus on the mass market, bringing shopping to the people. The centres, valued at R2.304 billion, are anchored by a high percentage of national tenants with long term leases and high trading densities that ensures the sustainability of Heriot’s cash flows.
