The Deloitte building in Midrand. Photo: Atterbury
The Public Investment Corporation (PIC), on behalf of the Government Employees Pension Fund (GEPF), has taken over the office building that houses Deloitte in Waterfall in Midrand, Gauteng.
It is paying R1.7 billion as part of the deal, which includes 100% of the leasehold rights, the office building and letting enterprise with Deloitte as the anchor tenant.
An aerial view of the Deloitte building in Midrand. Photo: Atterbury
The building is currently owned by property companies Attacq and Atterbury, which each – via subsidiaries – has an equal 50% stake.
It which was completed last year, comprises 42 500m² and has office space for 5 000 people The premises consist of a ground floor with six stories of offices and four basement parking levels including nearly 2 000 parking bays.
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.
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.