Engineering News

Nedbank Property Finance has granted finance of R323-million to unlisted property fund, the FPG Group, for the acquisition of the Cape Gate Lifestyle precinct, in Cape Town, from real estate investment trust Hyprop.

The acquisition comprised 30 000 m2 of gross lettable area (GLA), which included a lifestyle and décor centre, Engen service station, drive-through Steers and KFC outlets and a Toyota dealership.

The six properties were located along the well-established Okavango road, in Durbanville, adjacent to the Cape Gate regional mall and in close proximity to the Makro development, which was partly owned by Nedbank.

Tenants of the lifestyle and décor centres included Super Spar, Virgin Active, Build-It Hardware, Cash Converters, Pure Plastics, Postnet and Tafelberg Furniture Stores.

FPG Properties currently owned 38 properties, primarily in the retail sector, with limited exposure in the office, industrial and residential sectors. Its portfolio comprised a GLA of more than 160 000 m².