A newly set-up AIM-listed South African investment company is buying two industrial investments in the country.
South African Property Opportunities, which is chaired by Quentin Spicer and includes Bryan Myerson as a director, is buying an industrial park site north of Durban and an industrial park site in Johannesburg.
It is buying the Durban development in a joint venture with local developers who will have a 50% interest.
The jv will buy a 36ha site close to the residential and leisure node of Ballito, KwaZulu Natal.
SAPRO is also expecting to participate in a planned second phase 7ha development next to the current development, should the results of a due diligence investigation prove favourable.
The Johannesburg development includes a 49ha site north of the Johannesburg international airport.
The acquisitions were funded entirely out of the company’s cash resources and involve an initial equity investment by SAPRO of some £2m.
Myerson said: “We are pleased by these two initial investments, which we believe should provide the company with returns at least in line with those we expected when SAPRO launched in October.
“There is a significant pipeline of opportunity for the company and, as a result, we are confident of investing the company’s remaining cash resources within the first half of 2007.”
References: EGi News 15/12/06
