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Cape Town - Physical and digital information and records management company Metrofile Holdings [JSE:MFL] has extended its property ownership to include two more properties located in Gauteng and the Western Cape for undisclosed amounts.
The purchase of the two properties amounting to a total of 7 600m² has resulted in the warehousing space owned by the group, increasing to 55 700m².
According to Richard Buttle, director at Metrofile Holdings, the company has utilised its strong cash flow position as an opportunity to purchase properties previously being rented.
“It simply made financial sense to bring these properties in house at a group level,” said Buttle.
The purchase is in line with the company’s strategy to own between 50% to 70% of warehousing space used, according to Buttle.
Following this purchase, the company’s warehousing space ownership has increased from 57.4% to 66.5%.”
The purchase has included properties which are integral to the Metrofile Records Management business and will continue to be used for these purposes.
The property located in Gauteng on the Cleveland Campus is approximately 4 500m² in size, while the Western Cape property, located in Cape Town Industria, is roughly 3 100m².
“There are no current plans to purchase additional properties, however, we constantly review our property portfolio and acquire additional properties when a suitable investment opportunity comes along," said Buttle.
"In the meantime, we will continue to focus on building upon existing land.”
- Fin24
