Pivotal, Redefine, Abland buy Jhb land parcel in three-way deal
Development-focused investment fund the Pivotal Fund has bought a 45% share in S&J Industrial – a 160 ha industrial parcel of land in Germiston, Johannesburg.
This followed a joint venture agreement between Pivotal and counterparts Redefine Properties and Abland, whereby the land would be co-owned in shares split 45%, 45% and 10% respectively.
The land was earmarked for an industrial precinct and would be serviced and developed in phases, based on demand.
“This transaction delivers on our commitment to shareholders and is aligned with our strategy to balance our portfolio by increasing our exposure to the industrial sector,” commented Pivotal CEO Jackie van Niekerk.
S&J Industrial, which would offer a full spectrum of industrial properties, including a conference centre, as well as some convenience retail, was located at the Geldenhuys Interchange off the N3 highway, with “excellent” access to major arterial routes.
“All bulk services have been secured and we have experienced strong initial market interest,” noted Van Niekerk.
Abland had been appointed by the co-owners as lead development manager with respect to servicing of the land. Once serviced, the stands would either be developed for tenants, developed for sale on a turnkey basis or sold as serviced land.
“We have a thorough knowledge of this property and know how best to extract value. In conjunction with our co-owners, we will harness our synergies to create an industrial precinct that will be a hub of excellence and cater for all business needs,” said Pivotal executive director Dave Savage.
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