Public Investment Corporation Buys New Deloitte Building in Gauteng
Posted on 05/07/2021
South Africa’s Public Investment Corporation (PIC) acquired an office building in Waterfall City in Midrand, Gauteng. The asset was acquired on behalf of the Government Employees Pension Fund (GEPF). The building’s anchor tenant is Deloitte and it was completed in 2020. The building is 42,500 square meters and is right on the Allandale interchange of the N1 highway. The Gauteng office premises consist of a ground floor with six stories of offices and four basement parking levels including nearly 2,000 parking bays.
PIC is paying 1.7 billion ZAR for the building. The sellers are property companies JSE-listed real estate capital growth fund Attacq Limited (Waterfall Investment Company) and Atterbury Property (Dale Creek Investments), which each owned a 50% stake in the building via subsidiaries.
Address: 5 Magwa Crescent, Waterfall City, Midrand, Gauteng 2090.
Reorganization of RE Portfolio
Before this deal announcement, PIC disclosed it plans to sell 70 properties in two tranches, including malls and office buildings, on behalf of its client GEPF. The properties include Edcon’s former training campus with hotel and conference facilities in Ormonde, Johannesburg, as well as an industrial unit in Lyttelton Manor Pretoria, the Palm Grove Shopping Centre in Durbanville, Cape Town, and the Village Market Shopping Centre in Westville, Durban.
PIC hired commercial agents to broker the sales. These agents include Jones Lang LaSalle (JLL) and Empact Group (owned by Thebe Investment Corporation).
Proceeds of the sales will go into other property acquisitions.