Over the past few months property giant Redefine has made significant progress on its acquisition and disposal strategy that is aimed at repositioning its portfolio of properties.
Redefine Properties recently announced that it will acquire fourteen high quality office and industrial properties from the Zenprop Group. The purchase price of R1 804 226 626 is payable in cash.
Over the past few years, the Rosebank area in Johannesburg has established itself as a hot and happening business hub. The area is only a few kilometres from Sandton, offers a wide selection of office space and is also home to a Gautrain station.
The recent completion of Cradock Square by Old Mutual Property, a project of R180 million, will only add to the area's allure. Previously known as Mutual Square, the development is located in the heart of Rosebank's business hub and is anchored by a new flagship Game store with street access at both levels from Oxford Road Gautrain, the bus rapid transport system (BRT) terminals and also Cradock Street Square.
According to the CEO of JSE-listed Growthpoint Properties, South Africa is not likely to see any “meaningful” commercial development during the next 12-18 months, due to the economic slump. He went on to say that he doubted that the ailing property market had bottomed out yet and that further deterioration could be on the cards, and added that even when the market begins to improve, the recovery will be slower than expected. In addition, Sasse said that the number of vacancies had increased, debt and funding are a major challenge, and building costs remain exceptionally high, making the outlook extremely gloomy.