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Property News

Intervention needed to protect South Africa’s infrastructure projects 

By: Nadine James     22nd March 2019 Urgent intervention is needed to protect infrastructure projects, investor confidence and the safety of professionals in the built environment, Association of South African Quantity Surveyors (ASAQS) member Yunus Bayat said on Friday, in response to reports of widespread “construction mafia” and... 

Rising energy costs, rates and taxes worry property owners

By: Tasneem Bulbulia     20th March 2019 South African Property Owners Association (Sapoa) members have expressed concern about matters that may affect the sustainability of their assets in South Africa and the association is taking every effort to help its members tackle the various challenges they face, Sapoa president Ipeleng Mkhari... 

SA Reit publishes best practice recommendations for public comment

By: Marleny Arnoldi     18th March 2019 Industry association South African Real Estate Investment Trust (SA Reit) has published a draft second edition of its best practice recommendations (BPR) for public comment. The process of updating the recommendations, which is the accepted standard for reporting key metrics consistently to... 

Tsogo Sun appoints new CEO, to proceed with hotel business unbundling

By: Tasneem Bulbulia     15th March 2019 Tsogo Sun has resolved to restructure its hotel interests under one holding company – THL – and to proceed with the separation of Tsogo Sun and THL, culminating in the listing and unbundling of THL. Following the acquisition by Tsogo Sun of a controlling interest in Hospitality Property Fund... 

Emira on track to achieve environmental sustainability targets – CEO

By: Simone Liedtke     15th March 2019 Diversified real estate investment trust (Reit) Emira Property Fund is continuing its positive impact on environmental sustainability by increasing its use of renewable energy resources, expanding its water efficiency initiatives and phasing out the use of ozone depleting R22 refrigerant gas. The... 

Emira on track to achieve environmental sustainability targets – CEO

French foreign minister visits local construction training academy 

14th March 2019 The French Minister of Foreign and European Affairs Jean-Yves Le Drian visited construction materials and infrastructure components multinational Saint-Gobain’s Germiston, Ekurhuleni, construction training academy. Schalk Burger has the story. 

French foreign minister visits local construction training academy
French foreign minister visits local construction training academy.

Ten worst South African performers tell tale of battling economy

By: Bloomberg     13th March 2019 It’s not even the end of the first quarter and already there’s a plethora of once-significant South African companies that have either collapsed or had their share prices hit the wall. The likes of sugar producer Tongaat Hulett, tech provider EOH Holdings, Blue Label Telecoms and Aspen Pharmacare... 

Growthpoint warns of ‘little to no growth’ in its South African portfolio 

By: Simone Liedtke     13th March 2019 South African real estate investment trust (Reit) Growthpoint Properties expects its international investments to contribute most of its growth in the 2019 financial year. Reporting on its results for the six months ended December 31, 2018, the company on Wednesday said property fundamentals in... 

Octodec to receive Edcon equity in lieu of R11m rental reduction for two years

By: African News Agency      12th March 2019 Property company Octodec Investments said on Tuesday it had agreed to a rental reduction of approximately R11-million for retailer Edcon for two years starting on April 1 and would receive equity in lieu of it. It said the value of the equity was uncertain at this stage. 

By midyear, R3bn Leonardo will eclipse Carlton as SA’s tallest skyscraper

By: Irma Venter     8th March 2019 The view from the top of the Leonardo is quite spectacular, says Legacy Group development director Jamie Hendry. “It really is a 360-degree experience. On a clear day you can see the Magaliesburg mountains and the Voortrekker Monument, in Pretoria, from the north side of the building, and OR... 

By midyear, R3bn Leonardo will eclipse Carlton as SA’s tallest skyscraper

EPP to open flagship development in Q2, reports growth for third consecutive year

By: Simone Liedtke     7th March 2019 JSE-listed retail landlord EPP, formerly known as Echo Polska Properties, on Thursday announced that it’s Warsaw-based shopping centre, Galeria Mlociny, which spans 84 400 m2, is on schedule to open during the second quarter of this year. The flagship development is about 96% pre-leased, with... 

EPP to open flagship development in Q2, reports growth for third consecutive year
EPP CEO Hadley Dean

Texton says strategies in place to improve its performance

By: Tasneem Bulbulia     5th March 2019 JSE-listed real estate investment trust Texton Property Fund on Tuesday reported a total dividend of 36.18c apiece for the six months ended December 31, 2018, in what the company said was a challenging operating environment. While its distributions were down 24.6% from the six months ended... 

Texton says strategies in place to improve its performance
Texton CEO Marius Muller

Attacq targets 7.5% to 9.5% dividend growth for 2019

By: Simone Liedtke     5th March 2019 JSE-listed real estate investment trust (Reit) Attacq on Tuesday announced an interim dividend of 40.5c a share for the six months ended December 31, 2018, which CEO Melt Hamman said was “within the company’s guidance”. There is no prior period comparative for the interim dividend, as Attacq only... 

Attacq targets 7.5% to 9.5% dividend growth for 2019
Attacq CEO Melt Hamman

MAS delivers strong H1 earnings growth

By: Simone Liedtke     4th March 2019 Commercial property investor, developer and operator MAS Real Estate on Monday reported strong results for the six months ended December 31, 2018, which saw the group achieving distributable earnings per share (EPS) of €0.038 for the period. These results represent a 40% increase in distributable... 

Growthpoint signs Altron for a new corporate campus at Woodlands office park 

By: Tasneem Bulbulia     4th March 2019 Growthpoint Properties has secured JSE-listed technology group Altron as a tenant for the 29 000 m2 Woodlands office park, in Woodmead, Sandton. Altron will take up occupancy at the office park in November 2020, with the group’s nine operating companies to be housed under one roof, which is... 

Growthpoint signs Altron for a new corporate campus at Woodlands office park
Rendering of the Altron project

Solid H1 showing for Hyprop’s South African, South-Eastern Europe portfolios

By: Tasneem Bulbulia     1st March 2019 Specialised shopping centre real estate investment trust Hyprop Investments’ distributable income from its South African portfolio increased by 8.8% year-on-year for the six months ended December 31, 2018. Hyprop operates a portfolio of shopping centres in major metropolitan areas across South... 

Tower’s NAVPS increases by 1.8% in H1

By: Tasneem Bulbulia     28th February 2019 JSE-listed real estate investment trust Tower Property Fund, which has a diversified portfolio of properties in South Africa and Croatia, achieved a 1.8% increase in its tangible net asset value per share (NAVPS) to R9.14 for the six months ended November 30, 2018. This is compared with the NAVPS... 

Construction on new mixed-use Barlow Park Precinct to start in May

By: Tasneem Bulbulia     28th February 2019 The R3-billion-plus redevelopment of Barlow Park Precinct, a co-investment between Barloworld, Atterbury Property and African Rainbow Capital, will start in May, Atterbury confirmed in a statement on Thursday. Each party will hold one-third of the property. 

‘All hands on deck’ at Fairvest amid tough retail market

By: Simone Liedtke     27th February 2019 South African real estate investment trust (Reit) Fairvest Property on Wednesday announced solid results for the six months ended December 31, 2018, with interim distributions having increased by 8.3% year-on-year to 10.6c a share. CEO Darren Wilder attributed this to the company’s focus on a... 

Melbourne road project takes heavy toll on WBHO 

By: Irma Venter     26th February 2019 A botched roads project in Melbourne, Australia, saw operating profit at Wilson Bayley Holmes-Ovcon (WBHO) nose-dive from R510-million for the six months to end December 2017, to R3-million for the same period last year. The Western Roads Upgrade (WRU) design and construct project consists of the... 

Melbourne road project takes heavy toll on WBHO

Wild Coast Sun hotel achieves Net Zero Waste rating

By: Marleny Arnoldi     26th February 2019 Hotel and resorts group Sun International has become the first company in Africa to receive a Green Building Council of South Africa (GBCSA) Net Zero Waste rating for an ambitious recycling effort at its Wild Coast Sun property, in Port Edward. The award is the first of its kind in the country... 

Wild Coast Sun hotel achieves Net Zero Waste rating
Wild Coast Sun hotel, Port Edward

City of Cape Town pumps billions into housing developments

By: News24Wire      26th February 2019 Cape Town Mayor Dan Plato has announced that more than R4-billion has been allocated to formalising informal accommodation, such as informal settlements and backyard dwellings. Plato said R713-million of the R4-billion mentioned has been earmarked for investment in backyarder service provision... 

Texton secures lease renewal with Truworths in Durban

By: Marleny Arnoldi     26th February 2019 Real estate investment trust (Reit) Texton Property Fund has secured a long-term lease renewal with clothing retailer Truworths for its prominent high street shop in central Durban, which is one of the group’s biggest stores in South Africa. Truworths has renewed its lease over 5 000 m2 of... 

Texton secures lease renewal with Truworths in Durban
Truworths on West Street, Durban

L2D grows distributions a share to 60c for FY18

By: Marleny Arnoldi     25th February 2019 Following the successful implementation of a corporate restructure, JSE-listed real estate investment trust (Reit) Liberty Two Degrees (L2D) reported a distribution a share of 60c for the year ended December 31, 2018, compared with the distribution a share of 59.2c for the prior financial year.... 

Joburg adopts inclusionary housing framework where rich and poor will live side by side

By: African News Agency      22nd February 2019 Joburg Metro mayor Herman Mashaba has announced the Inclusionary Housing: Incentives, Regulations and Mechanisms Framework, which ushers in a housing plan that will make 30% of new residential developments available for affordable housing.  The scheme will see 'mixed' housing with lower income... 

ANC Gauteng calls for accelerated release of provincial land for student accommodation

By: News24Wire      21st February 2019 The ANC in Gauteng says one of the ways that tackling the rising lack of student accommodation for higher education students can be fast-tracked is if the provincial government releases land and property it owns. This would be through a rapid land release programme, the subcommittee on education,... 

Municipalities should not approve building plans which may devalue surrounding properties, ConCourt rules

By: News24Wire      20th February 2019 The Constitutional Court has ruled that municipalities are obliged to consider the possibilities that a new development could devalue nearby properties before approving building plans. The court said that when a proposed building is being considered, the decision-maker should check against... 

Balwin Rentals to acquire 4 544 rental apartments

By: Nadine James     19th February 2019 JSE-listed Balwin Properties’ subsidiary Balwin Rentals has secured a right of first refusal to acquire 4 544 rental apartments that will be developed by Balwin. The developments are Greenpark, comprising 1 056 apartments, in Boksburg, which is expected to be completed by December 2021; Greenlee,... 

Vukile appoints Laurence Cohen CFO designate

By: Tasneem Bulbulia     18th February 2019 Real estate investment trust (Reit) Vukile Property Fund has appointed Laurence Cohen as CFO designate, effective March 1. He will succeed Vukile’s FD Mike Potts and be appointed to the Vukile board of directors on July 1, after Potts’ planned retirement on June 30. 

Vukile appoints Laurence Cohen CFO designate
Laurence Cohen

Hospital group’s impressive energy savings journey recognised

By: Schalk Burger     15th February 2019 Private healthcare company Netcare Group replaced 108 000 inefficient lights and light fittings with modern energy efficient alternatives, and reduced its light-load by 40%, offsetting its hospitals’ carbon footprint by 16 000 t/y of carbon dioxide, says Netcare Group CEO Dr Richard Friedland.... 

Hostile construction environment to persist until infrastructure spend recovers

By: Nadine James     15th February 2019 Construction is a depressing place to be at the moment, says Hogan Lovells partner and construction head Clive Rumsey, citing the lack of large infrastructure projects, deriving from lacklustre economic growth and a backlog in tender adjudication, as some of the reasons why the sector is... 

Hostile construction environment to persist until infrastructure spend recovers

Emira delivers positive dividend growth, facilitated by portfolio repositioning

By: Tasneem Bulbulia     13th February 2019 Diversified real estate investment trust (Reit) Emira Property Fund achieved a 3.1% year-on-year increase in distributions for the six months ended December 31, 2018. In addition to a positive improvement in distribution growth and having met market guidance, Emira CEO Geoff Jennett on Wednesday... 

Moody’s lowers Hyprop’s credit rating

By: Tasneem Bulbulia     13th February 2019 Moody’s Investors Services (Moody’s) has lowered Hyprop’s rating from Baa3 to Ba1 with immediate effect, Hyprop revealed in a statement on Wednesday. Concurrently, Moody’s has lowered the long-term national scale issuer rating to Aa3.za from Aa1.za and has affirmed the short-term national scale... 

EAAB to drive transformation of the South African estate agency sector 

By: Marleny Arnoldi     11th February 2019 Estate agents in the property sector have long been bound by “dinosaur” legislation and the profession has remained untransformed since the advent of democracy in 1994, Estate Agency Affairs Board (EAAB) transformation committee chairperson Eugenia Kula-Ameyaw said on Monday. “The Estate Agency... 

EAAB to drive transformation of the South African estate agency sector
Photo by Dylan Slater
Estate Agency Affairs Board transformation committee chairperson Eugenia Kula-Ameyaw

Marriott teams up with Kuwait Projects on St Regis resort in Morocco

By: Reuters     11th February 2019 United Real Estate, a unit of Kuwait Projects, and Marriott International said in a joint statement on Saturday that they had agreed to open a resort near Marrakech. Marriott said in October it had signed deals with partners to increase its hotels in Africa 50% by 2023, opening new ones in Ghana,... 

Association expects re-rating for South African Reits

By: Marleny Arnoldi     6th February 2019 Industry association, the South African Real Estate Investment Trust say the South African real estate investment trust (SA Reit) industry is headed for a re-rating, either this year or next. “Already the Financial Times Stock Exchange (FTSE)/Johannesburg Stock Exchange (JSE) South African... 

Edcon, SA Corporate Real Estate set to refurbish CBD property

By: Tasneem Bulbulia     31st January 2019 Edcon has announced that the property on the corner of Pritchard and Joubert streets in the Johannesburg central business district (CBD) would be renovated by landlord SA Corporate Real Estate, with the renovated building set to become a new mall that will include a renovated Edgars store and... 

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