Ray Mahlaka
1 minute read
9 Apr 2014
6:00 am

Arrowhead makes trendy acquisition

Ray Mahlaka

Arrowhead Properties has acquired eight buildings in the trendy Maboneng Precinct just east of Marshall Town in the Johannesburg CBD for R180 million from the developer, Propertuity.

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The popular Maboneng Precinct is an urban neighbourhood development that comprises 40 buildings used for commercial, residential, industrial and retail purposes.

Arrowhead said Propertuity would continue to develop the precinct where Arrowhead may acquire additional properties soon.

The transaction sets a guaranteed return of 11% in the first year, and 8% in year two.

Jonathan Liebmann, CEO of Propertuity, says the transaction proceeds will be reinvested in the precinct.

CEO of Arrowhead, Mark Kaplan, says the recent spend on properties is part of its strategy to increase its portfolio to R10 billion over the next two years.