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Property News

Redefine Properties appoints Diane Radley to board of directors

By: Tasneem Bulbulia     21st July 2020 JSE-listed diversified real estate investment trust Redefine Properties has appointed Diane Radley as an independent nonexecutive director. The appointment is in line with Redefine’s stated intention of strengthening governance and board independence, broadening diversity and bolstering skills on... 

Balwin secures property in Mooikloof after years of negotiation

By: Marleny Arnoldi     21st July 2020 JSE-listed Balwin Properties has concluded a sale agreement with Century Property Developments, in terms of which it will buy a portion of the Farm Rietfontein 375 property, in Mooikloof, Pretoria East. Balwin has been negotiating with the seller for the last five years to acquire an area of... 

Section 12J amendments muddying investment waters, says law firm

By: Donna Slater     17th July 2020 Ongoing amendments to the Section 12J Income Tax Act have left investors at risk as to whether the companies in which they have either invested, or hope to invest, continue to qualify, law firm CMS South Africa partner and tax co-head Andrew Wellsted tells Engineering News. Section 12J was... 

CMS South Africa partner and tax co-head Andrew Wellsted
CMS South Africa partner and tax co-head Andrew Wellsted

Offices expected to remain relevant post Covid-19, but will have to evolve

By: Donna Slater     17th July 2020 While the Covid-19 pandemic has forced the majority of employees to work from home, the relevance of offices and office-bound working will remain post-Covid-19, says real estate role-players. Sesfikile Capital research head Naeem Tilly says offices are critical to employee productivity and... 

Fairvest finalises Tokai Junction sale

By: Marleny Arnoldi     15th July 2020 The due diligence for the disposal of JSE-listed real estate investment trust Fairvest Property's Tokai Junction property to FPG Holdings for R180-million, has been completed. Tokai Junction is a 7 618 m2 retail centre in Constantia, in the Western Cape.  

MBA North welcomes infrastructure strategy, but warns implementation is key

By: Irma Venter     10th July 2020 The Master Builders Association (MBA) North has broadly welcomed President Cyril Ramaphosa’s vision of infrastructure spending as the flywheel of South Africa’s recovery from the Covid-19 crisis.  Speaking at the inaugural Sustainable Infrastructure Development Symposium South Africa, held on... 

South Africa its own biggest enemy in infrastructure roll-out

By: Irma Venter     10th July 2020 South Africa keeps on tripping itself up when it comes to infrastructure project development and implementation, says New Development Bank (NDB) Africa regional office director-general Monale Ratsoma. The NDB is a multilateral development bank established by the Brics States, namely Brazil,... 

Growthpoint expects at least 15% y/y decrease in distributions a share

By: Tasneem Bulbulia     9th July 2020 Owing to the impact of the Covid-19 pandemic on it business, the rental relief that has been provided to tenants, arrear rentals and the ongoing uncertainty of the future impact of this crisis on the global economy, and its business in particular, JSE-listed Growthpoint Properties expects... 

L2D says interim financial results ‘severely impacted’

By: Simone Liedtke     9th July 2020 Trading improvement has been slow since the Level 3 lockdown restrictions were implement and JSE-listed real estate investment trust Liberty Two Degrees (L2D) says there has been “a severe impact on the second quarter and consequently the first half of the 2020 financial year". As a result, the... 

Hyprop expands national solar project

By: Tasneem Bulbulia     9th July 2020 Real estate investment trust Hyprop is set to decrease its carbon footprint further, with the landlord expanding its solar project across 66% of its South African shopping mall portfolio. “As part of Hyprop’s drive to continually minimise the impact on the environment, one of our key focus areas... 

Stenprop makes further acquisitions

By: Tasneem Bulbulia     7th July 2020 UK multi-let industrial (MLI) property company Stenprop has acquired a further 43 500 ft2 of MLI property across four adjoining warehouse units in Stretton Business Park, in Burton upon Trent, Staffordshire. The £3.75-million acquisition reflects a net initial yield of 6.9% and a capital value of... 

Construction resumes on Atterbury’s Richmond Park development

By: Tasneem Bulbulia     7th July 2020 Property investor and developer Atterbury has restarted construction on the Richmond Park mixed-use development in Milnerton, Cape Town. Development work at Richmond Park is proceeding in line with South Africa’s Alert Level 3 lockdown, which allows for construction projects. 

Industrial property seems to weather Covid-19 weakening best - FNB

By: Marleny Arnoldi     6th July 2020 Brokers continue to perceive the industrial property market as the strongest of the three classes in commercial property – industrial, retail and office. However, there has been weakening demand-supply balances in all three property classes since Covid-19 hit South Africa, says FNB property... 

Industrial property seems to weather Covid-19 weakening best - FNB

Growthpoint achieves green building first with development of Serra facility

By: Donna Slater     2nd July 2020 Property investment company Growthpoint and washroom solutions company Serra Services have achieved the first Green Star Existing Building Performance (EBP) rating for an industrial building in Gauteng, with a 5-Star certification for a 7 400 m2 facility in Meadowbrook, Germiston.   An extensive... 

Growthpoint achieves green building first with development of Serra facility

Attacq says liquidity position remains stable

By: Tasneem Bulbulia     30th June 2020 JSE-listed Attacq, as at May 31, had available resources of R1.1-billion, comprising R741-million of cash and R310-million of committed liquidity facilities with banks. No group or portfolio covenant breaches are anticipated for the covenant reporting period ending June 30, to be measured in... 

Vukile bullish about financial position amid Covid-19 

By: Simone Liedtke     30th June 2020 Vukile Property Fund has reported 3.2% growth in its distributable earnings a share for the financial year ended March 31,. CEO Laurence Rapp says Vukile had a “very strong year and has delivered a stand-out set of results” where operationally, the company’s portfolios in South Africa and Spain... 

CEO Laurence Rapp
Vukile Property Fund CEO Laurence Rapp gives some insight into the company's South African portfolio's results, as well as the company's Covid-19 response. Video: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Nicholas Boyd.

Redefine disposes of interest in UK’s RDI

By: Donna Slater     30th June 2020 JSE-listed property developer and manager Redefine Properties has concluded a deal with global private investment firm Starwood Capital Group to acquire Redefine’s 111.9-million shares in UK-based real estate investment trust RDI, for 95p apiece. The deal forms part of Redefine’s strategy to... 

EPP concluding remaining tenant agreements

By: Tasneem Bulbulia     29th June 2020 Dual-listed property firm EPP says it is successfully concluding remaining tenant agreements. The company, which is the largest owner of retail real estate in Poland, further notes in a pre-close statement that it is laying the foundations to better position the company in a post Covid-19... 

Rebosis half-year impacted by pandemic

By: Tasneem Bulbulia     29th June 2020 Tough trading conditions in the property sector had a significant negative impact on JSE-listed Rebosis Property Fund's results for the six months ended February 29. The group recorded a decline in net property income, relating to reversions and the loss of income from disposed properties.... 

Sustainable living created after lockdown

26th June 2020 Multidisciplinary consulting engineering companies group Bosch Holdings is set to resume building and land development operations as South Africa lifts Covid-19 lockdown business restrictions. “Our team of engineers and architects strives to create liveable, sustainable and innovative ideas and... 

SERENA HOTEL NAIROBI

Bosch East Africa Consulting Engineers in Kenya has extended its MEP services to include cvil and structural engineering and project management services
SERENA HOTEL NAIROBI Bosch East Africa Consulting Engineers in Kenya has extended its MEP services to include cvil and structural engineering and project management services

MBA North welcomes infrastructure strategy, but warns that implementation is key 

By: Irma Venter     25th June 2020 The Master Builders Association (MBA) North has broadly welcomed President Cyril Ramaphosa’s vision of infrastructure spending as the flywheel of South Africa’s recovery from the Covid-19 crisis.  Speaking at the inaugural Sustainable Infrastructure Development Symposium South Africa held on June... 

MBA North welcomes infrastructure strategy, but warns that implementation is key

Stor-Age collects almost all revenues, posts yearly dividend growth

By: Marleny Arnoldi     22nd June 2020 JSE-listed real estate investment trust Stor-Age has managed to collect 93% of its rental due in South Africa in April and May, despite the impacts of Covid-19-related lockdown measures and ensuing risk mitigation initiatives. Additionally, the company collected 98% of its rental due in the UK... 

Growthpoint expects 'profoundly negative' impact in fourth quarter

By: Marleny Arnoldi     22nd June 2020 JSE-listed real estate investment trust Growthpoint Properties says the deterioration in property fundamentals and key performance indicators (KPIs) will have a profoundly negative impact on its financial results in the last quarter of its financial year ending June 30. This follows after it... 

Building confidence at all-time low 

By: Irma Venter     18th June 2020 The First National Bank (FNB)/Bureau for Economic Research (BER) Building Confidence Index has fallen to an all-time low of 4 in the second quarter of this year, following the 13 recorded in the first quarter of the year. This was underpinned by a sharp fall in activity owing to the nationwide... 

 Building confidence at all-time low 

Redefine, partners to start construction on Poland manufacturing, warehouse facility

By: Schalk Burger     17th June 2020 JSE-listed real estate investment trust Redefine Properties will, along with equity partners Madison International Realty and Griffin Real Estate in European Logistics Investment and in joint venture with its strategic development partner Panattoni Europe, start building a 50 000 m2 build-to-suit... 

Grindrod Property to buy properties it leased from SA Corporate Real Estate

By: Marleny Arnoldi     15th June 2020 JSE-listed logistics group Grindrod South Africa subsidiary Grindrod Property has entered into an agreement with South African Corporate Real Estate (SA Corporate) to acquire various letting enterprises comprising head leases and underlying subleases. The leases are held over five properties... 

MBA North urges all stakeholders to reach force majeure consensus

By: Irma Venter     12th June 2020 As the construction industry gears up to return to work as the national Covid-19 lockdown moves to Alert Level 3, industry stakeholders need to come together to reach consensus on a number of contentious issues, says MBA North president and Gothic Construction director Wayne Albertyn.   “A key... 

Arrowhead takes steps to overcome Covid-19-related market challenges

By: Tasneem Bulbulia     10th June 2020 To help it through the current market difficulties caused by the impact of Covid-19, JSE-listed Arrowhead Properties will intensify its focus, in the short term, on strengthening the company’s balance sheet, as well as its operating efficiency and cash flows to further unlock the value inherent... 

Hyprop confident it has sufficient liquidity to weather Covid-19 storm

By: Marleny Arnoldi     10th June 2020 JSE-listed real estate investment trust Hyprop Investment has assured stakeholders that it has sufficient liquidity to recover from the lower tenant and footfall numbers experienced in April and May during South Africa’s strictest lockdown period. On May 31, Hyprop had R1-billion of cash in... 

Hyprop confident it has sufficient liquidity to weather Covid-19 storm

Construction resumes on giant Fort Hare student accommodation project

By: Simone Liedtke     9th June 2020 Following two months of hard lockdown in response to the Covid-19 pandemic, the development of a 2 047-bed student village at the University of Fort Hare (UFH), in the Eastern Cape, has resumed this week. Lack of accommodation for students is one of the biggest challenges faced at UFH, with... 

Agreement signed on overtime, UIF/TERS payment improving, says MBAWC 

By: Irma Venter     9th June 2020 The reopening of the entire construction industry on June 1 under Alert Level 3, instead of the initial suggestion of a staggered approach, caught many companies by surprise, says Master Builders Association for the Western Cape (MBAWC). “Although the return to work was universally welcomed, the... 

Allen Bodill
Allen Bodill

Hilton appoints hotel chain veteran MD of its African development team

By: Marleny Arnoldi     9th June 2020 NYSE-listed hospitality group Hilton has appointed Andrew McLachlan MD of development in sub-Saharan Africa. He joins the company with 30 years’ experience in the African hospitality market, including serving in senior corporate roles within major hotel chains in South Africa.  

Growthpoint’s Cintocare Hospital development first healthcare property to achieve Africa’s Green Star

By: Simone Liedtke     3rd June 2020 JSE-listed real estate investment trust Growthpoint Properties’ Cintocare specialised surgical hospital development, in Pretoria, has become the first healthcare property or the first facility of its kind in South Africa, and Africa, to be awarded a Green Star rating. Cintocare received a... 

An exterior construction view of the Cintocare hospital
An exterior construction view of the Cintocare hospital

Protocol to ensure safety on construction sites

By: Donna Slater     29th May 2020 The Construction Management Foundation (CMF) welcomes President Cyril Ramaphosa’s reopening of all construction and infrastructure works under Alert Level 3 on the Risk Adjusted Strategy that will commence on June 1 as a positive step in helping to reinvigorate the construction sector. The... 

MBA North calls on all stakeholders to reach force majeure consensus

By: Irma Venter     29th May 2020 As the construction industry gears up to return to work when the national Covid-19 lockdown moves to Alert Level 3, industry stakeholders need to come together to reach consensus on a number of contentious issues, says MBA North president and Gothic Construction director Wayne Albertyn.   “A key... 

MBA North calls on all stakeholders to reach force majeure consensus

Construction industry operating at 10% to 15% of capacity – economist

By: Irma Venter     29th May 2020 Despite certain sections of the construction industry returning to work under Alert Level 4 of the national lockdown, the industry is currently working at only between 10% and 15% of its capacity, says Industry Insight senior economist David Metelerkamp. Construction on public projects, such as... 

Arrowhead performs above expectations in tough interim period

By: Tasneem Bulbulia     27th May 2020 Diversified real estate investment trust Arrowhead recorded a solid performance ahead of expectations for the six months ended March 31, despite having to contend with a tough economic environment. Speaking to Engineering News on May 27, Arrowhead CEO Mark Kaplan highlighted some of the... 

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