SA Reit The asset class that delivers
capital appreciation and
annuity income
Subscribe to the SA Reit newsletter
SA Reit Twitter
NEWS

Growthpoint acquires iconic Cape Town Foreshore development site

7th September 2016
Contributor: Growthpoint Properties Limited

Growthpoint Properties today acquired Site B Lower Long Street in Cape Town's Foreshore, securing and landmark development site situated between two of its property assets.

The 3,932sqm piece of land, Erf 165639 Cape Town, has developable bulk of 17,500sqm which neighbours the Investec building and ENS building, both owned by Growthpoint. It was acquired for R86,5 million on auction.

The property was put on auction by the City of Cape Town, with over 100 people attending the event including Cape Town's Executive Mayor and other city officials. The transaction remains subject to acceptance in line with the city's regulatory processes.

Commenting on the transaction, David Stoll, Growthpoint Regional Head - Cape Town, says: "This site is in a highly attractive commercial area on the Cape Town foreshore. It is the final vacant site available to create a brand new development and presents Growthpoint with the opportunity to develop an iconic building on the foreshore."

Growthpoint owns and manages a diversified portfolio of 526 property assets spanning 6,8 million square metres. This includes 467 properties in South Africa, 58 properties in Australia through its investment in Growthpoint Properties Australia (GOZ) and it has a 50% interest in the properties at V&A Waterfront, Cape Town.

Stoll adds: "We have not finalised plans for the development yet, but envisage a building that would include offices with ground-floor retail. We would also consider a client-driven development for the site. Either way, we will create a landmark building that will be an asset for the city, its people, the environment and its investors."

Growthpoint is the largest South African primary listed REIT with the vision to be a leading international property company providing space to thrive. It creates value for all its stakeholders through innovative and sustainable property solutions. The 35th largest company on the JSE, Growthpoint is a Top 5 constituent of the FTSE EPRA/NAREIT Emerging Index and has been included in the FTSE/JSE Responsible Investment Index for the seventh year running. It is the most liquid and tradable way to own commercial property in South Africa.

Click here to download the PDF