The Public Investment Corporation (PIC) has concluded a purchase agreement to acquire 100% of the leasehold rights - which include the office building and letting enterprise, housing Deloitte as the anchor tenant - in the prime location of Waterfall City, in Midrand, Gauteng.
The asset was acquired on behalf of the Government Employees Pension Fund (GEPF) and was previously owned by Attacq, through Waterfall Investment Company, and Atterbury, through Dale Creek Investments.
PIC CEO Abel Sithole says the acquisition will be beneficial to the PIC’s client, as it is underpinned by a strong lease covenant for more than ten years. “These cash flows will be accretive to the GEPF’s current portfolio from an income and capital growth perspective.”
The PIC notes that the property conforms to the sustainable Leadership in Energy and Environmental Design and has been configured with environment-friendly design features and technologies to ensure cost savings using consumer recycled content, solar panels and water harvesting and filtration systems, besides other technologies.
The acquisition of this property supports the PIC’s drive for investments that are underpinned by environmental, social and governance factors and will increase the PIC’s exposure to “premium grade” assets in key strategic nodes, he says.
Waterfall City is a growing commercial node, developed with the concept of a “live, work and play” precinct in which all three of these activities exist.
Accessible from the N1 highway and Allandale interchange, and with proximity to amenities as well as public transportation networks, Waterfall City continues to attract multinational and blue-chip companies, says the PIC.