Arrowhead buys R167.6m portfolio from Growthpoint

Mark Kaplan, COO (Left) of Arrowhead, Gerald Leissner, CEO (centre) and Imraan Suleman, CFO. Photo was taken soon after Arrowhead listed on the JSE, Friday 9 December 2011.

Arrowhead Properties (AWA) on Friday said it would purchase a portfolio of office properties from Growthpoint Properties.

The portfolio consists of eight small office buildings, measuring in total 17 000 square meters, in decentralised nodes in Johannesburg, Pretoria, Durban, Cape Town and Alberton for the purchase price is R167.6 million which is based on a yield of 11%.

Arrowhead chief operating officer, Mark Kaplan said: "This acquisition emphasizes our strategy of identifying yield enhancing opportunities and increasing the size of our portfolio in order to reduce the risk associated with any one property. Arrowhead is focused on growing income per unit."