Texton moves to ‘green’ portfolio
JSE-listed Texton Property Fund CEO Rob Kane believed the real estate investment trust would gain momentum in its ambitions of delivering a green portfolio.
The group, which had started several greening initiatives, on Monday said its tenant retention strategy included green projects, with significant savings emerging from an early greening project, proving that applying green principles in all refurbishments could sustain the growth of the fund over the long term.
“Experience has proved that renovations result in higher property valuations and a more stable tenant profile, as well as increasing distributions,” the company stated.
However, Texton remained cautious in its approach and had taken its time to understand the industry to ensure that capital expenditure delivered enhanced returns to shareholders, as much of the savings punted at feasibility stage often did not materialise.
Currently, the group aimed to base the ‘greening’ of the Foretrust building, in Cape Town, on the successful 14 Loop Street environmental refurbishment completed in late 2009.
The feasibility stage of the R23-million project, which was a joint venture between the fund, the Department of Public Works, Eskom and the City of Cape Town, was completed, with costs and savings “well defined”.
“We anticipate that we will reduce power and water consumption by over 50%.”
Texton had already generated positive support from tenants at the group’s ACS House, where the harvesting of spring and rainwater had been implemented, with a four-year capital expenditure payback timeframeand savings of 70% in water consumption.
Kane said all the buildings across the company’s portfolio would be assessed for green refurbishments provided enhanced returns could be delivered to shareholders and tenants.
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