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The
Public Investment Corporation, which manages civil servant pensions, plans to sell 70 properties - including shopping malls and commercial buildings.
First on the chopping block are Edcon s former training campus and two shopping centres in Cape Town and Durban.
The proceeds of the sales will be invested in other opportunities, the PIC said.
The Public Investment Corporation wants to sell 70 properties - including malls and office buildings - in the coming months.
The properties are currently held in the Government Employee Pension Fund s portfolio, and the PIC, which manages civil servant pensions, has formed a joined venture with real estate firms to dispose of the buildings.
PIC appoints independent joint venture to dispose of 70 GEPF properties Real estate services firms JLL and the Empact Group will oversee the sale of properties to the private sector 29 April 2021 - 07:38 Sponsored Image: Supplied
The Public Investment Corporation (PIC) has announced a strategic decision to optimise the Government Employees Pension Fund (GEPF) property portfolio. It has identified about 70 assets that fall outside its investment criteria that it wants to dispose of in 2021, and has appointed a joint venture (JV) between JLL and the Empact Group to broker the sale of these properties in tranches.
The portfolio comprises mostly small and noncore assets. This is the first time the PIC has appointed commercial agents to broker the sale of GEPF properties to the private sector. These properties are investment grade and are made up of a basket of asset classes, which include retail, industrial and commercial, as well as specialised classes suc
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