Spear REIT, which has 100% of its portfolio in the Western Cape, has entered into a sale of rental enterprise agreement with Inospace 2, and will acquire the property, Erf 35538 Milnerton, and the rental business known as “The Island” being conducted on the property, for R185 million.
Spear said in a statement yesterday the acquisition was in line with its strategy to continuously increase portfolio exposure to high-quality industrial real estate with a focus on logistics, urban logistics and bulk warehousing within the Cape Town Metropole.
The property “is one of only a handful of large-scale modern warehousing complexes with roof heights ranging from 11 metres to 14 metres under eaves, located in Paarden Eiland, Cape Town,” Spear’s directors said.
Paarden Eiland is within 10 minutes’ drive of Cape Town CBD offering a compelling accommodation solution to urban logistics firms, large box destination-based service providers and engineering services serving the metropol, in addition to the shipping ports, they said.
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