Equites to develop R150m warehouse for TFG
Specialist industrial property manager and developer Equites Property Fund has concluded a deal that will see it developing a 22 000 m2 distribution warehouse for apparel, jewellery and homeware retailer The Foschini Group (TFG), in Midrand, Gauteng.
Equites CEO Andrea Taverna-Turisan said the transaction had “great significance” for Equites, as it was the Western Cape-based property counter’s first step into the Gauteng market.
The development, which would ultimately have an estimated capital value of R150-million, would be located on the Lords View Industrial Park.
“Concluding this transaction with one of South Africa’s most successful retailers in the very competitive Gauteng market is a significant achievement for us. It is also a vote of confidence from TFG in our ability to deliver a cross-docking distribution warehouse in line with their expectations.
“The development caters for TFG’s future growth requirements and we are able to extend the facility by an additional 15 000 m2,” she commented.
TFG Property head Brad Rothenburg said improved group sales had necessitated the group’s decision to increase warehouse capacity in Gauteng.
The warehouse would initially be used to store @homelivingspace furniture and Foschini Footwear products, but would, over time, be expanded to house additional products.
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