Ascension Properties acquires Atterbury House for R341-million

Ascension Properties (AIA) has bought Atterbury House in Cape Town‚ which includes the property and buildings known as Shell House and Ovenstone House from Atterbury Investment Holdings (AIH)

JSE-listed Ascension Properties (AIA) has bought Atterbury House in Cape Town‚ which includes the property and buildings known as Shell House and Ovenstone House from Atterbury Investment Holdings (AIH)‚ the company said on Wednesday.

The Atterbury House property comprises 26‚236 square metres of office space and 570 undercover parking bays.

The weighted average net rental per square metre of the Atterbury House property is currently R97 per square metre.

The purchase price is R341 million‚ which equates to an acquisition yield of 8.7%‚ is payable in cash against transfer of ownership of the Atterbury House property into Ascension’s name‚ on which date the Atterbury acquisition will become effective.

Marking their first year after listing on Johannesburg Stock Exchange (JSE), Ascension on Monday reported that its asset base had increased by R1,5 billion to R2,3 billion.

The property loan stock company’s portfolio is expected to grow to over R3,3 billion once recent acquisitions have been transferred.