Sycom disposes of Discovery building for R414m

Posted On Thursday, 12 September 2013 14:37 Published by Commercial Property News
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Sycom Property Fund agrees to sell the Discovery Building in Sandown to The Truzen 113 Trust for R413.9m.

The property has a single tenant‚ Discovery Health.
 
In June‚ Discovery indicated that its future needs for office space would be significantly greater than the area currently occupied in the property and its adjoining buildings.
 
Given the risk of Discovery vacating the property at the end of its current lease in March 2016‚ Sycom entered into discussions with Zenprop regarding the potential redevelopment of the property and its adjoining buildings.
 
The proceeds of the disposal would be used to fund future developments and acquisitions‚ Sycom said.

 

Last modified on Thursday, 12 September 2013 14:48

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