Gemgrow diversifies its portfolio further with retail acquisitions
Gemgrow Properties, a diversified property company that invests in high-yielding assets, has made its biggest acquisitions since it listed in 2016. The company said on Monday it had acquired an effective economic interest of 95% in Moolgem, which comprises a portfolio totalling 26 properties in the Limpopo region, for approximately R628m. The investment currently provides a yield of 11.48%. The acquisition will be effective from November 1 2018. In the same announcement, Gemgrow said it had also acquired another portfolio of 10 retail properties, to the value of R99.9m, at a yield of 12.46%. The Moolgem properties consist of 85% retail stock, including prominent retail shopping centres such as Jane Furse Crossing and the Game Centre in Thohoyandou, with the remainder made up of a mix of industrial and office buildings. The company, which listed with about R4.3bn in assets, has spent nearly R1.3bn since, including these latest acquisitions. "The R550m worth of retail acquisitions con...
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