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Property News

Municipalities should not approve building plans which may devalue surrounding properties, ConCourt rules

By: News24Wire 20th February 2019 The Constitutional Court has ruled that municipalities are obliged to consider the possibilities that a new development could devalue nearby properties before approving building plans. The court said that when a proposed building is being considered, the decision-maker should check against... →

Balwin Rentals to acquire 4 544 rental apartments

By: Nadine James 19th February 2019 JSE-listed Balwin Properties’ subsidiary Balwin Rentals has secured a right of first refusal to acquire 4 544 rental apartments that will be developed by Balwin. The developments are Greenpark, comprising 1 056 apartments, in Boksburg, which is expected to be completed by December 2021; Greenlee,... →

Vukile appoints Laurence Cohen CFO designate

By: Tasneem Bulbulia 18th February 2019 Real estate investment trust (Reit) Vukile Property Fund has appointed Laurence Cohen as CFO designate, effective March 1. He will succeed Vukile’s FD Mike Potts and be appointed to the Vukile board of directors on July 1, after Potts’ planned retirement on June 30. →

Laurence Cohen

Hospital group’s impressive energy savings journey recognised

By: Schalk Burger 15th February 2019 Private healthcare company Netcare Group replaced 108 000 inefficient lights and light fittings with modern energy efficient alternatives, and reduced its light-load by 40%, offsetting its hospitals’ carbon footprint by 16 000 t/y of carbon dioxide, says Netcare Group CEO Dr Richard Friedland.... →

Hostile construction environment to persist until infrastructure spend recovers

By: Nadine James 15th February 2019 Construction is a depressing place to be at the moment, says Hogan Lovells partner and construction head Clive Rumsey, citing the lack of large infrastructure projects, deriving from lacklustre economic growth and a backlog in tender adjudication, as some of the reasons why the sector is... →

Emira delivers positive dividend growth, facilitated by portfolio repositioning

By: Tasneem Bulbulia 13th February 2019 Diversified real estate investment trust (Reit) Emira Property Fund achieved a 3.1% year-on-year increase in distributions for the six months ended December 31, 2018. In addition to a positive improvement in distribution growth and having met market guidance, Emira CEO Geoff Jennett on Wednesday... →

Moody’s lowers Hyprop’s credit rating

By: Tasneem Bulbulia 13th February 2019 Moody’s Investors Services (Moody’s) has lowered Hyprop’s rating from Baa3 to Ba1 with immediate effect, Hyprop revealed in a statement on Wednesday. Concurrently, Moody’s has lowered the long-term national scale issuer rating to Aa3.za from Aa1.za and has affirmed the short-term national scale... →

EAAB to drive transformation of the South African estate agency sector

By: Marleny Arnoldi 11th February 2019 Estate agents in the property sector have long been bound by “dinosaur” legislation and the profession has remained untransformed since the advent of democracy in 1994, Estate Agency Affairs Board (EAAB) transformation committee chairperson Eugenia Kula-Ameyaw said on Monday. “The Estate Agency... →

Photo by Dylan Slater
Estate Agency Affairs Board transformation committee chairperson Eugenia Kula-Ameyaw

Marriott teams up with Kuwait Projects on St Regis resort in Morocco

By: Reuters 11th February 2019 United Real Estate, a unit of Kuwait Projects, and Marriott International said in a joint statement on Saturday that they had agreed to open a resort near Marrakech. Marriott said in October it had signed deals with partners to increase its hotels in Africa 50% by 2023, opening new ones in Ghana,... →

Association expects re-rating for South African Reits

By: Marleny Arnoldi 6th February 2019 Industry association, the South African Real Estate Investment Trust say the South African real estate investment trust (SA Reit) industry is headed for a re-rating, either this year or next. “Already the Financial Times Stock Exchange (FTSE)/Johannesburg Stock Exchange (JSE) South African... →

Edcon, SA Corporate Real Estate set to refurbish CBD property

By: Tasneem Bulbulia 31st January 2019 Edcon has announced that the property on the corner of Pritchard and Joubert streets in the Johannesburg central business district (CBD) would be renovated by landlord SA Corporate Real Estate, with the renovated building set to become a new mall that will include a renovated Edgars store and... →

Province grants R300m for housing after long dispute, says Mashaba

By: African News Agency 25th January 2019 Johannesburg metro mayor Herman Mashaba said on Wednesday that the Gauteng provincial human settlements department had committed about R300-million for housing developments in the city for the current financial year. This comes against the backdrop of an ongoing dispute about the Human... →

Inner-city redevelopment project gets underway in Johannesburg

By: African News Agency 24th January 2019 The city of Johannesburg on Thursday launched a programme to rejuvenate the inner-city with a tour of the first three of 84 buildings targeted for development. The project is aimed at providing quality low-cost accommodation for residents to address a housing list backlog exceeding 300 000 units,... →

ISAF Ithubalethu launches IPO for student accommodation

By: Tasneem Bulbulia 21st January 2019 Inkunzi Student Accommodation Fund (ISAF) Ithubalethu is aiming to counter the shortage of affordable student accommodation, while enabling access to the property market for the general public, and delivering returns to investors, ISAF Ithubalethu CEO Owen Nkomo outlined on Monday, during a... →

Inkunzi Student Accommodation Fund Ithubalethu CEO Owen Nkomo outlines that fund’s IPO, and future prospects. Video and editing: Nicholas Boyd.

Inside one of Joburg’s flagship urban renewal projects

By: Dylan Slater 18th January 2019 Urban property fund Divercity is helping City of Johannesburg mayor Herman Mashaba to realise his concept of restoring the Johannesburg central business district (CBD) to a degree of its former glory, as well as his wish to “turn Johannesburg into a construction site”, with old buildings being... →

First Oxford Parks building completed

By: Marleny Arnoldi 17th January 2019 Construction of the Oxford Parks development, in Rosebank, has progressed, with the first building, built by Concor Buildings to serve as the new head office of oil company BP South Africa, completed. The 4-star green rated building is part of Phase 1 of the Oxford Parks vision, which will... →

Oxford Parks Phase 1 building one - BP South Africa's head office

Johannesburg city council discovers almost R9m in lost revenue

By: African News Agency 17th January 2019 The Johannesburg city council says an operation in Fourways led to the discovery of almost R9-million in lost revenue due to illegal connections to services since 2015. "The three properties which were visited were also found not to have complied with the city's bylaws and were fined," it said of... →

Old Conradie hospital project could be 'make or break' for housing system, says Zille

By: News24Wire 17th January 2019 Western Cape Premier Helen Zille said the "pioneering" housing project expected at the site of the derelict old Conradie Hospital in Cape Town could "make or break" the current housing system. A R3-billion mixed-income residential project, set for the vast grounds of the old hospital could... →

EPP dominates listed property market with 21% return for 2018

By: Marleny Arnoldi 16th January 2019 JSE-listed retail property fund EPP has delivered a total return of 21% in 2018. The JSE’s benchmark property index SAPY recorded a total return of minus 25% for the year. →

EPP CEO Hadley Dean

Emira upgrades Denver warehouse

By: Tasneem Bulbulia 16th January 2019 JSE-listed Emira Property Fund is set to complete the total refurbishment of its 9 800 m2 warehouse facility, located in the industrial hub of Denver, Johannesburg, by March. Emira is investing R8.2-million in the revamp project. →

Mashaba seeks Treasury's intervention in R180m housing funding dispute with province

By: African News Agency 10th January 2019 Joburg Mayor Herman Mashaba said on Thursday said that the City manager will be writing to the director-general of National Treasury, Dondo Mogajane, to seek their urgent intervention in the R180-million housing funding dispute with the Gauteng province. This comes after Mashaba and Meshack van... →

City of Joburg Mayor Herman Mashaba

An improved focus on governance will drive confidence in South Africa’s Reits this year

By: Simone Liedtke 9th January 2019 The South African real estate investment trust (Reit) sector’s focus on improved corporate governance is expected to support positive sentiment for investment in listed property this year, says Anchor Stockbrokers real estate analyst Wynand Smit. He explains that the performance of local Reits in... →

SA Reit Association marketing committee chairperson Andrea Taverna-Turisan

Texton’s shareholders vote against share repurchase

By: Tasneem Bulbulia 7th January 2019 Shareholders of Texton Property Fund have voted against the repurchase of shares in terms of the put option related to Texton’s 2014 broad-based black economic empowerment (BBBEE) deal, the company noted in a statement on Monday. Under the terms of the transaction, Texton Broadbased Empowerment... →

Texton CEO Marius Muller

Fourways office park goes solar

By: Tasneem Bulbulia 14th December 2018 To convert Willow Wood Office Park, in Fourways, Gauteng, to using solar energy, Heartwood Properties has partnered with SolarSaver, which offers a rent-to-own model that does not require any capital outlay, to reduce the building’s footprint and save on electricity costs. All indications are... →

Cape Town agrees to transfer R114.3m Salt River site for 10% of its value for housing

By: News24Wire 14th December 2018 The City of Cape Town has agreed, "in principle", to sell the Salt River Market site to a "social housing institution (SHI)" for 10% of its market value for an 820 unit mixed-use development, it announced on Thursday. "I'm elated by Council's decision to agree, in principle, to transfer this... →

Maluti Crescent Shopping Centre Phase 1 complete

By: Tasneem Bulbulia 14th December 2018 Maluti Crescent Shopping Centre, formerly Setsing Crescent in Phuthaditjhaba, in the Free State, has unveiled the first part of its major redevelopment and expansion undertaken by JSE-listed retail real estate investment trust Vukile Property Fund; and is well on track for its official launch on... →

Opening of the taxi rank L-R: Maluti Crescent community liaison officer Elias Mokoena, Vukile Property Fund’s Johan le Roux, Maluti Crescent Shopping Centre manager Jeffrey Motloung, Local Economic Development MMC at Maluti-a-Phofung local municipality Mojalefa Naledi, Maluti-a-Phofung local municipality mayor Gilbert Mokotso and Qwa Qwa United Taxi Association chairlady Matshidiso Rachel Nteu

Joburg preparing 84 inner-city buildings for housing partnerships

By: Schalk Burger 14th December 2018 The City of Johannesburg has identified and is preparing 84 buildings in and around the inner city of Johannesburg for use by private sector developers to build housing for 300 000 people in the city who do not have housing. City of Johannesburg mayor Herman Mashaba emphasises that the city... →

Emira highlights good demand, pricing for debt refinancing programme

By: Tasneem Bulbulia 13th December 2018 Emira Property Fund has, to date, successfully refinanced more than R1.2-billion of its debt maturing in the current financial year ending June 30, 2019, and is experiencing “keen demand and favourable pricing” in the process, the company noted in a statement on Thursday. In September, the... →

Emira CFO Greg Booyens

Komatsu opens new central multimillion-rand campus

13th December 2018 Komatsu Africa Holdings in November opened a new industrial hub, built to the tune of R985-million, in Germiston, in Johannesburg. Tasneem Bulbulia reports. →

Komatsu opens new central multimillion-rand campus

Growthpoint prepares for Cape Town’s planned ban on wet waste at landfills

By: Marleny Arnoldi 11th December 2018 JSE-listed real estate investment trust (Reit) Growthpoint Properties has partnered with Waste Transformers – an organisation based in Netherlands – to leverage end-of-pipeline food waste from the Reit’s shopping malls and to adopt a decentralised approach to organic waste. This comes ahead of... →

Waste Transformer's aerobic digester at Growthpoint Properties' N1 City Mall

MAS acquires Atrium mall in Arad, Romania

By: Tasneem Bulbulia 10th December 2018 MAS has, through a subsidiary of PKM Investments, acquired the Atrium shopping centre in Arad, Romania, from Cosmovia Holdings. The acquisition forms part of the company’s acquisition pipeline in central and eastern Europe (CEE) and complements MAS’s income-generating portfolio of assets in the... →

The Atrium shopping centre

Mashaba seeks to reignite entrepreneurship, address infrastructure challenges

By: Marleny Arnoldi 10th December 2018 Johannesburg Mayor Herman Mashaba on Monday said the mayoral committee has approved another 100 buildings to be released for private sector development, as part of the metro’s inner city development programme. Following this, national government will give its stamp of approval and the... →

Johannesburg Mayor Herman Mashaba discusses city shortfalls. Video and editing: Nicholas Boyd

Construction company working on projects in Cape Town

7th December 2018 Despite the troubled times in the construction industry, construction company Concor Western Cape continues with a range of quality projects in and around Cape Town, where the company’s indelible stamp on the city is its legacy. “Our close relationship to developers, consultants and other clients... →

HIGH UP Crane lifts add vital efficiency to on-site logistics at Roscommon House

Confident outlook for local Reits in 2019

By: Marleny Arnoldi 6th December 2018 The South African real estate investment trust (Reit) sector is set to deliver double-digit returns to investors next year, says the SA Reit association. Catalyst Fund Managers adds that it expects the Reits’ performance in 2019 to be marked by positive total returns from the sector, largely... →

EPP reports solid increase in net property income amid good market conditions

By: Marleny Arnoldi 6th December 2018 JSE-listed Polish property company Echo Polska Properties (EPP) on Thursday reported a 37% year-on-year increase in net property income to £102-million for the nine months ended September 30. Earnings available for distribution amounted to 8.75c apiece and the company was on track to meet its... →

EPP CEO Hadley Dean

Growthpoint provides R908m towards Growthpoint Australia office acquisition

By: Marleny Arnoldi 5th December 2018 JSE-listed real estate investment trust Growthpoint Properties will provide R908-million towards its subsidiary ASX-listed Growthpoint Properties Australia’s (GOZ’s) acquisition of the Bank of Queensland’s headquarters, in Brisbane. Growthpoint has a 66% shareholding in GOZ. →

Texton appoints Golding chairperson, Muller takes the reins as CEO

By: Creamer Media Reporter 4th December 2018 Texton Property Fund has appointed Marcel Golding chairperson and Marius Muller CEO, with immediate effect. Golding succeeds Dempsey Naidoo, who was not available for re-election to the board. Golding has over 30 years of experience across sectors and industries, including as Deputy General... →

Texton chairperson Marcel Golding

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