Set up in 2008 by Foresite Property, the Ascencia Property Fund has generated a cumulated return on investment of 51% in less than five years.
photos : foresite property image bank
Ascencia, the first property fund quoted on the Stock Exchange of Mauritius at its launch in 2008, is a major investment vehicle within its sector, with excellent accumulated returns. In five years, the cumulated return on investment was 51%
It confirms that property is a sound investment in Mauritius and a safe option. Moreover, unlike classic property holdings, Ascencia shares can be traded free of registration duty or land transfer tax. This alternative form of investment also offers potential for long-term capital growth.
The structure of Ascencia is modelled after that of a Real Estate Investment Trust (REIT) with investments mainly in commercial, industrial and office properties. The major part of its portfolio, valued at about
Rs2.8 billion (€70 million), is made up of valuable commercial assets such as the Centre Commercial Phoenix, which won three International Property Awards (Africa) in 2011, and the Riche Terre Mall ( formerly Centre Commercial Riche-Terre).
In five years, Foresite Property, Rogers’ property entity, has turned Ascencia into one of the most important property investment companies quoted on the Development & Enterprise Market of the Stock Exchange of Mauritius. The key indicators are very healthy with the Fund’s property holdings almost fully occupied, profit after tax of just over Rs187 million (€4.7 million) and a return to shareholders of 9.3% in 2011-2012.
The Fund’s long-term strategy is to build up a diversified property portfolio to minimise risk and ensure sustainable capital growth. Ascencia is constantly on the lookout for ways of re-enforcing its current portfolio’s profitability and attractiveness in order to maximise shareholder value.
Foresite Property is actively engaged in maintaining Ascencia’s leading position in the Mauritian market and to make it one of the principal African property funds. To this end, the Fund is studying investment possibilities in the region and plans to expand its geographical spread over the medium term.
Apart from property investment, Foresite Property’s expertise covers a vast range of services, including property and facilities management, property development and project management, shopping centre management, property leasing and consultancy services, as well as security and facility services through Reliance. A pioneer in a number of fields, Foresite Property strives to be a different kind of property company in order to stand out from competitors and ensure total client satisfaction. Its strategy is based on innovation, cost control and investment in blue chip stocks.
New-look commercial centres
Ascencia focuses on property investment and development. It is currently renovating and extending both its commercial centres. Started in August 2012 and January 2013 respectively, renovation and extension works at the Riche Terre Mall and Centre Commercial Phoenix are proceeding according to schedule. At the end of the makeovers, which will have cost Rs 1,2 billion (€30 million), these leading shopping centres will be even more modern, welcoming and attractive. By the time the end-of-year festivals come round, there will be an additional 75 new shops available for visitors to enjoy.
