Spear REIT acquires Consani Industrial Park for R437.3 million

WESTERN Cape-focused Spear REIT has acquired Consani Industrial Park in Elsie's River Industria for R437.3 million from Adrenna Property Group.

- EDWARD WEST

Spear directors said the acquisition aligns with their strategy to grow a portfolio of well-located industrial assets within the province. The acquisition would diversify and strengthen their exposure to "highly sought after industrial nodes in the region."

"Consani Industrial Park possesses strong fundamentals and favourable prospects for rental income growth and long-term capital appreciation." Spear's management said Monday. The precinct was attracting large-format occupiers reliant on energy continuity and organic growth options within Consani Industrial Park, they said.