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Pivotal acquires bigger stake in Monte office park

Pivotal acquires bigger stake in Monte office park

Photo by Bloomberg

7th September 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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Property investment and development fund Pivotal has concluded an agreement to buy a further 5.86% stake in the Monte Circle Office Park from the trustees of Palm Trust for R16.4-million.

The acquisition, effective September 1, was in line with Pivotal’s strategy of investing in well located precinct developments, which, once developed, would grow the company’s asset base and ensure a steady supply of A-grade properties in its portfolio.   

Pivotal already held an 11.7% interest in Monte Circle Office Park, with the acquisition increasing its stake in the office park to 17.56%.

The Monte Circle Office Park was a proposed new 56 000 m2 office development, located directly opposite the Montecasino entertainment hub.

Construction of the first 5 253 m2 of the property was expected to be completed on October 1, with trading expected to start a month later.

The acquisition was subject to a number of conditions precedent.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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