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Property News

R15bn in investment eyed for Cape Town Harbour Arch development

By: Simone Liedtke 6th August 2020 Plans are afoot to invest R15-billion into a project to develop the area of the Cape Town foreshore that is currently underused but that is expected to become another major success for the region, similar to the V&A Waterfront. The area will be developed into a desirable mixed-use precinct that... →

New property developments add resiliency to industry in face of Covid-19

By: Donna Slater 3rd August 2020 JSE-listed diversified real estate investment trust (Reit) Redefine Properties says accelerating trends like e-commerce and data centres are adding resiliency to industrial property against the backdrop of the Covid-19 pandemic. The company points out that, as people’s daily lives move online,... →

Redefine industrial national asset manager Johann Nell

Advocacy for women to ramp up going forward

By: Darren Parker 31st July 2020 Following the negative impact of Covid-19 on the commercial and industrial property sector, industry body Women’s Property Network (WPN) aims to ramp up its advocacy work going forward to further promote and support the interests of women working in the sector. WPN national chairperson Nonhlanhla... →

WOMEN WORKING TOGETHER The WPN team is going to ramping up its advocacy work to support women in the commercial and industrial property sector

Difficult times ahead for property sector

By: Darren Parker 31st July 2020 Following the significant challenges because of the Covid-19 outbreak, the outlook for the South African commercial and industrial property sector for next year remains somewhat bleak, says South African Property Owners Association (Sapoa) CEO Neil Gopal. Since the start of the national lockdown... →

NEIL GOPAL There needs to be urgent intervention at local municipal level

Economic recovery interventions present hope

By: Darren Parker 31st July 2020 South African Institute of Black Property Practitioners (SAIBPP) CEO Vuyiswa Mutshekwane says it is encouraging to already see a number of the proposals being put into practice from the SAIBPP’s 10-point plan to catalyse economic development and drive the post-lockdown economic recovery. The... →

VUYISWA MUTSHEKWANE It is not business as usual and things are unlikely to return to normal anytime soon

L2D becomes first local shopping centre owner with international Covid-19 safety compliance

By: Marleny Arnoldi 30th July 2020 JSE-listed real estate investment trust Liberty Two Degrees (L2D) has become the first shopping centre owner in South Africa to receive the Covid-19 Compliant certification from SAFE Shopping Centres. The independent Swedish certification body SAFE Shopping Centres has audited and certified the... →

Covid-19 forces changes to standard construction contracts, says MDA

By: Irma Venter 28th July 2020 Specialists in construction law MDA Attorneys say disruptions to business and operations owing to Covid-19 are no longer unanticipated, which means that all new contract negotiations have to take the possibility of this happening into account. “Initially, force majeure notices were being issued... →

Barry Herholdt

L2D remains focused on adapting to changing retail landscape

By: Marleny Arnoldi 27th July 2020 JSE-listed real estate investment trust Liberty Two Degrees (L2D) in its results for the six months ended June reports that despite recording only 55% of the average footcount that was recorded in the six months ended June 30, 2019, July has started to see recovery to just over 60%. CEO Amelia... →

Liberty Two Degrees CEO Amelia Beattie

Octodec reviewing distribution policy, expects lower full-year distributions

By: Marleny Arnoldi 24th July 2020 Given ongoing uncertainty around the future impact of Covid-19 on the economy and JSE-listed Octodec’s future financial performance, the company expects that its distributable earnings for the financial year ending August 31 will be at least 15% lower year-on-year. The company reported... →

Radisson Group to build six new hotels in Africa

By: Donna Slater 21st July 2020 Radisson Hotel Group is adding another six new hotels to its African portfolio, with one each planned in Durban and Kempton Park – bringing the total to almost 100 hotels across 32 African markets. Radisson Hotel Group executive VP and chief development officer Elie Younes says the addition of... →

An artist's impression of the Radisson Hotel & Convention Centre Johannesburg

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... →

Diane Radley

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

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... →

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... →

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... →

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

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... →

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... →

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... →

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