Redefine in R108m deal
Listed property company Redefine is currently the majority shareholder of Brackengate 2, which it regards as one of the most valuable tracts of land for commercial use in the Western Cape.
|||Johannesburg - Redefine, the listed property company, is currently the majority shareholder of Brackengate 2, which it regards as one of the most valuable tracts of land for commercial use in the Western Cape.
Johann Nell, the national asset manager for industrial property at Redefine, said yesterday that the R108 million acquisition of Brackengate 2 and subsequent development of more than 50 percent of the land, aligned with Redefine’s focus on gaining good quality, well-located modern, industrial properties. The property is situated along the R300 freeway near the Brackenfell central business district.
Redefine will partner with local property owner and developer Van der Merwe Venter to unlock and develop the full potential business opportunity identified within the Brackengate node.
Nell said Brackengate 2 comprised three individual land parcels and they were pursuing various opportunities in developing “big box” retail space that was suitable for the DIY (Do-It-Yourself) and home-improvement sector.
He said “big box” retail was expected to secure 20 percent of the 495 000 square metres, with the balance of the main precinct set to house high-eave logistics warehousing with a specific focus on fast-moving consumer goods and cold logistics.
Shares gained 0.1 percent to close trade at R10.40.
BUSINESS REPORT