SHARES in AltX-listed Greenbay Properties surged 6.43% to close at R1.49 after announcing it had bought its first asset — a shopping centre in Slovenia in central Europe.Greenbay, which is also listed in Mauritius, will acquire Planet Tuš shopping centre for €56m cash, at an acquisition yield of 8%. Situated in the port city of Koper, the centre has a gross lettable area of 31,625m², and opened for trading in 2010.Greenbay is a hybrid property company that invests in other property stocks, and also directly in real estate. The company was created by the Resilient property stable that is led by industry stalwart, Des de Beer.The Resilient stable wants Greenbay to achieve similar capital growth to that of the Romanian shopping mall owner New Europe Property Investments (Nepi) and Polish-focused Rockcastle Global Real Estate.Nepi and Rockcastle both form part of the Resilient group of companies.Greenbay’s initial plan is to invest in listed European property funds and distressed real e...
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