Aria Property Group
Aria’s focus continues to be in the Western Cape and the company’s brand value and local reputation have grown significantly over the past few years.
A highlight of the year was the highly successful redevelopment and tenanting of Pier Place, a 14-floor commercial office block on Cape Town’s Foreshore.
Despite a generally weak property market, the Aria team’s ability to add value to underutilised assets has enabled asset value growth. The past financial year has been strong with the company focusing on the strengthening of both its income statement and balance sheet. Aria’s contribution to INAV was similar to the previous financial year. Aria contributed R36 million (2017: R180.8 million) to group profits. Fair value adjustments in the current year have been lower than the prior year but the operating scale
of the business has increased.
Further redevelopments are planned for the next financial year. The portfolio is comprised almost entirely of medium-sized institutional grade properties and opportunities to add value and enhance the overall portfolio quality are being investigated.