PROPERTY
Acsion invests in two assets on two continents
Development company Acsion reports net asset value growth of 19% in the year to February
Development company Acsion is on track to build its two largest assets to date, an upper market residential offering in Sandton and a shopping centre in Cyprus. The group said these two assets would be worth nearly R5bn together and should come on line in early 2019. They would provide a significant boost to the development company, which owns about R5.1bn in assets already. Acsion reported in its financial statements on Monday that it had managed to grow its net asset value 19% in the year to February. During the reporting period, Acsion began construction on Acsiopolis, its flagship 20-storey mixed-use development in Benmore, Sandton. The development, set to be worth about R2.3bn when completed in early 2019, is being designed to appeal to people who work in and are looking to live in Sandton. At the end of February, five parking levels had been completed at Acsiopolis. The group also announced it would build a 40,000m² SquaredMall@Lanarka shopping centre in Lanarka, Cyprus, its f...
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