Spear to buy new property in Paarden Eiland for R185m
Logistics park has a gross lettable area of 21,774m², offering Spear an initial yield of 9.75%
Western Cape-focused Spear has agreed to buy a new property at Paarden Eiland, Cape Town, as it increases its exposure to high-quality industrial real estate, focusing on logistics, urban logistics and bulk warehousing.
The deal will see Spear acquire The Island Urban Logistics Park, also known as The Island, for R185m from Inospace, SA’s largest owner of serviced logistics parks, at an initial yield of 9.75%. The transfer of the property, which covers the equivalent of about three football pitches, is expected around February 1 next year. The purchase will be funded from the proceeds of recent non-core disposals and bank loans...
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