Nedbank has bought a stake in the R800 million Capegate mixed use development on the N1 in Brackenfell, another sign of financier bullishness about the South African property market - particularly the retail sector.
It is providing loan financing and has bought a 40% stake in the R400m regional retail centre going up and 33% of the R48m Lifestyle Centre in the complex. And it had to compete with other banks for both the equity and the loan finance for the projects.
Capegate developers Jaco Odendaal and Ernst Hartwig say it is also an important demonstration of confidence in a centre that was heavily criticised by the experts a few years ago. Now the retail centre, flagship of the mixed retail, office and residential precinct, is being enlarged from 36 000m2 to 40 000m2 of retail space.
