Rabie Property Administrators (RPA) is to retain the management of nine prime Cape Town properties Ingenuity Property Group is acquiring in a R866m deal from the privately held Century City Property Investment Trust (CCPIT).
JSE- listed property investment and development company, Ingenuity, announced last week that all the conditions for the acquisition had been fulfilled and the properties were expected to be transferred in September.
RPA director, Leigh Metcalf, said RPA had managed the effected properties for the CCPIT and would continue to do so under the new owner, Ingenuity, who was also a client of RPA.
“In fact we manage their entire current portfolio and the new acquisitions will boost the Ingenuity portfolio to 22 projects worth a total of more than R2billion.”
The buildings being acquired are all fully tenanted retail and commercial properties and include five buildings in Century City, two in Claremont and two in Tokai.
The Century City properties, which are all in prime positions, are Aurecon, the regional headquarters of a global engineering group and the first Five Star Green Star rated building in South Africa; Estuaries 1, which is tenanted by IBM; Gateway, which is tenanted by SMG/BMW motor dealership, Moore Stephens accountancy firm and Symantec; Mazars House, which is tenanted by a global accounting group and the state-of-the-art new generation Virgin Active Health Club.
The other properties comprise a 50% stake in Tokai on Main Office Park and Tokai On Main Shopping Centre with anchor tenants being Fruit and Veg City and Sportsmans Warehouse, a 66,6% stake in Palmyra Junction shopping centre in Claremont and Ingenuity’s head office in Intaba Building in Claremont which they have been renting to date.
Arnold Maresky, CEO of Ingenuity, said the retention of the management of the buildings was a vote of confidence by Ingenuity in RPA’s management ability.
“From our side we will ensure the continuous day to day management of the portfolio to underpin the performance of this enviable portfolio,” added Metcalf.