×

Warning

JUser: :_load: Unable to load user with ID: 43

Latest News

Property market welcomes increase in the exempt threshold for transfer duty

Feb 27, 2015
Nhlanhla Nene
In his speech yesterday, the Minister of Finance announced that “the rates and brackets for transfer duties on the sale…

Green Building Council calls for greater energy efficiency as 2015 Budget proposes…

Feb 27, 2015
Brian Wilkinson GBCSA
Greater energy efficiency is now crucial for both business and ordinary citizens, the Green Building Council of South…

Texton property announce broad based BEE transaction

Feb 26, 2015
Rob Kane
Texton is pleased to announce that it has reached agreement with a broad-based black economic empowerment Consortium to…

Pareto Limited welcomes news of Government’s proposal that unlisted funds to enjoy…

Feb 26, 2015
Marius Muller Pareto CEO
As an unlisted property-owning company, Pareto welcomes the news of Government’s proposal that unlisted property owning…

Property sector welcomes budget news that unlisted funds could soon enjoy REIT status

Feb 26, 2015
Estienne De Klerk
South Africa’s commercial real estate sector welcomed the announcement by Minister of Finance Nhlanhla Nene in his…

Hospitality Property Fund core portfolio supports performance in weak market

Feb 25, 2015
 Andrew Rogers
Hospitality is the only Specialised Real Estate Investment Trust (“REIT”) listed on the JSE that offers investors a…
Monday, 24 October 2005 02:00

CBS Property Portfolio to list on JSE

Written by 
Rate this item
(0 votes)
CBS Property Portfolio Limited today announced that it intends to list on the JSE on 2 November 2005.

CBS Property Portfolio Limited today announced that it intends to list on the JSE, in the ‘Financial – Real Estate’ sector, on Wednesday 2 November 2005.

The private placement of 37 million CBS linked units at 675 cents ahead of the listing should raise a total of R249,75 million. The placement will take place over four days, opening on Tuesday, 25 October 2005 and closing on Friday, 28 October 2005.

On listing, assuming the private placement is fully subscribed, CBS linked units in issue will total 80,275,054 at the issue price per linked unit of 675 cents.

CBS Property Portfolio is forecasting a distribution of 69 cents per linked unit for the year ending 31 October 2006, and the resultant forward yield per linked unit of 10.25%. Net asset value of 702 cents per linked unit is based on the pro forma balance sheet.

This listing brings together four of the most experienced and dynamic property professionals in the sector. Martin Ettin and Derek Greenberg have joined the entrepreneurial team of Gary Fisher and Sean Mackay as executive directors of CBS Property Group.

Martin Ettin and Derek Greenberg were co-founders of Primegro Properties Limited and drove the successful listing of Primegro.  They were later instrumental in the merger between Primegro and Growthpoint Properties Limited where they also served as executive directors.

CBS has been in the market since 1993 and its linked shares have traded successfully for the past two years, facilitated by Barnard Jacobs Mellet Private Client Services (BJMPCS) through their Over The Counter (OTC) market. Gary Fisher and Sean Mackay were key in compiling the CBS Property Portfolio which has been built up over a period of time comprising carefully selected properties originally included in successful property syndications in the Western Cape.

Mackay points out that there has been an increased awareness of the property loan stock sector, with average value traded improving by 88% from R5,3 billion for the 12 months to 30 June 2004 to R10,1 billion for the 12 months to 30 June 2005.

Fisher explains that CBS has delivered consistent growth through leadership, innovation and excellence and will continue to focus on improving the underlying quality of its property portfolio to provide consistent real growth in income and capital over the medium to long term.

“As a team of executive directors we are all personally invested in the future and the success of CBS Property Portfolio and strive to deliver sustainable and growing income streams to investors,” said Ettin and Greenberg.

CBS Property Portfolio will list with property assets valued at R987 million comprising 28 properties with a total of 190,475m2 and strong representation in both the Western Cape (42% by GLA) and Gauteng (35%) with the remainder in KwaZulu Natal.

The properties which comprise this portfolio include the core CBS portfolio of Dock Road Complex (Amway House and Queens Building) at the entrance to V & A Waterfront, Palm Grove Shopping Centre in Durbanville, Mellville’s Corner in Plettenberg Bay, Centre Point Shopping Centre in Milnerton and The Circle Shopping Centre in Somerset West.

The portfolio was substantially increased by the recent acquisition of properties, predominantly in Gauteng, from Yieldgro Group including 46% of The Wedge Shopping Centre in Morningside and WedgeField Bryanston.

CBS Property Portfolio also includes the recently acquired Brait Place in Illovo, Sandton and Malvern Centre in Qeensburgh, KwaZulu Natal and a portfolio of nine properties purchased from Growthpoint Properties Limited.

CBS intends to declare dividend distributions half yearly for the six-month periods ending 30 April and 30 October. The first dividend and distribution payable to linked unitholders in respect of the six-month period ending 30 April 2006, is expected to be declared in May 2006 and paid in July 2006.

Investec Bank Limited is investment bank and lead sponsor to the CBS listing with Barnard Jacobs Mellet Corporate Finance acting as co-sponsor.

~ End ~

Issued on behalf of CBS Property Group:

Gary Fisher, CEO

T: 021 426 1880/011 215 6440           C: 083 450 2222

Martin Ettin

Cell  083 325 1463

Derek Greenberg

Cell 083 325 1463

 

By Marketing Concepts:

Sandy Davey

T: 011 880 2213          C: 083 453 6668


Publisher: CBS Property Group
Source: CBS Property Group

Login to post comments

LISTED PROPERTY (SA REIT)

Rob Kane

Texton property announce broad based BEE transaction

February 26, 2015 Listed Property eProp Commercial Property News
Texton is pleased to announce that it has reached agreement with a broad-based black economic empowerment Consortium to purchase around 20% of Texton shares. 

SECTOR - OFFICE/RETAIL/INDUSTRIAL/HOTELS

Nhlanhla Nene

Property market welcomes increase in the exempt threshold for transfer duty

February 27, 2015 Housing & Residential eProp Commercial Property News
In his speech yesterday, the Minister of Finance announced that “the rates and brackets for transfer duties on the sale of property will be adjusted to provide relief to middle-income households.”

ECONOMY & PROPERTY ECONOMICS

Marius Muller Pareto CEO

Pareto Limited welcomes news of Government’s proposal that unlisted funds to enjoy REIT status

February 26, 2015 Sector Environment eProp Commercial Property News
As an unlisted property-owning company, Pareto welcomes the news of Government’s proposal that unlisted property owning companies should qualify for the same tax treatment as listed REITs (Real Estate Investment Trusts), if they become regulated.

AFRICAN & INTERNATIONAL PROPERTY NEWS

Fuksas cloud

Italy auctions Mussolini buildings to fund conference centre

February 19, 2015 International News eProp Commercial Property News
Cash-strapped authorities in Rome are to auction off four Mussolini-era public buildings to fund the completion of a long-delayed but eagerly-awaited new conference centre.

CONSTRUCTION & INFRASTRUCTURE

Tshediso Matona Eskom

Eskom moves from stage one to stage two load-shedding

February 05, 2015 Energy Infrastructure eProp Commercial Property News
Eskom has today implemented stage two load-shedding due to a shortage of generation capacity.

PROVINCES & CITIES

Parks Tau Mayor

City Power implement new tariff system to ease pressure on national grid

February 24, 2015 Johannesburg eProp Commercial Property News
City Power is set to implement a residential time-of-use tariff system that will allow the utility to price electricity at different rates during the day.
MOD_RAXO_ALLMODE_ERROR_SOURCE

PROPERTY AUCTIONS

Protea Place

Supreme Sandton site to come under the hammer

February 18, 2015 Commercial Property Auctions eProp Commercial Property News
Sandton Site to be auctioned.

GREEN BUILDING & ENVIRONMENT

Brian Wilkinson GBCSA

Green Building Council calls for greater energy efficiency as 2015 Budget proposes further hikes in electricity costs

February 27, 2015 Green Building & Environment eProp Commercial Property News
Greater energy efficiency is now crucial for both business and ordinary citizens, the Green Building Council of South Africa warned in the face of further electricity hikes which have been proposed in the 2015 Budget.

Most Popular

Lee-Anne Bac appointed Gauteng Chairperson of the Women’s Property Network 2015

Feb 06, 2015
Lee-Ann
Lee-Anne Bac, director, Advisory Services at Grant Thornton Johannesburg, has been…

Waterfall City to construct R160m highway overpass bridge to improve Midrand traffic flow

Feb 12, 2015
Waterfall Bridge
Driving through Midrand will soon be a whole lot easier thanks to a new R160 million…

Jean Crossing shopping centre in Centurion open doors 26 February 2015

Feb 13, 2015
Jean Crossing
Jean Crossing in Centurion is a brand new shopping centre which promises to bring a…

Emira Property Fund install R6m solar farm at Epsom Downs Shopping Centre

Feb 12, 2015
Epsom Downs Shopping Centre
Emira Property Fund has installed a R6 million solar farm on the roof of its Epsom Downs…

Visual International boosts buy-to-let market with Section 13sex tax write-offs

Feb 02, 2015
Charles Robertson Visual group
Visual International boosts buy-to-let market with Section 13sex tax write-offs.