Leading technology company SKF signals intent to expand in South Africa with R120 million transaction

Posted On Tuesday, 19 March 2019 09:37 Published by
Rate this item
(1 Vote)

Leading global technology provider SKF, headquartered in Sweden, has concluded a lease agreement in Jet Park with a value of more than R120 million.

 JOHN-JACK-

This new lease agreement signifies the company’s intention to further expand and consolidate their sub-Saharan business operations says John Jack, CEO of Galetti Corporate Real Estate who concluded the transaction. ‘’We are seeing an increase in global companies, such as SKF, committing to long-term leases in South Africa as the country continues to be positioned as a top destination for foreign direct investment.’’

‘’SKF is, amongst other industries, focused on the mining sector which continues to be seen as South Africa’s ‘sunrise industry’. The recent Mining Indaba showed great promise for the industry with speakers addressing opportunities for international investors and so we can expect more companies to explore foreign investment in this space over the months to come. We are currently speaking to a number of global companies looking to expand operations in South Africa. ’’ adds Jack.

The transaction, built around warehousing and office space totalling over 10 000 m2, involved the consolidation of two existing operations in an effort to improve efficiently and position the company for further expansion.

‘’The investment, which was planned over a 12 month period, will allow the company an opportunity to rapidly expand operations through their core technologies - bearings and units, seals, lubrication systems, power transmission, and mechanical and reliability engineering services,’’ adds Jack.

Last modified on Tuesday, 19 March 2019 09:43

Most Popular

Mall of Africa Celebrates Launch of New Generation Pick n Pay Store

Sep 23, 2019
 MOA PNP  1
Today Mall of Africa welcomed one of South Africa's biggest grocery retailers to the…

Exemplar REITail Acquires Katale Square Shopping Centre

Sep 23, 2019
 JASON MCCORMICK
Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping…

City of Joburg Housing Development wins UN award

Sep 17, 2019
 MESHACK VAN WYK
The City of Johannesburg’s Housing department has won a Sustainable Cities and Human…

Mixed-use is the key to funding hotel development in Africa

Sep 17, 2019
 XANDER NIJNENS
JLL’s research into global property transactions reveals that in the first half of 2019,…

Grit Real Estate financial results for the year-ended 30 June 2019

Sep 30, 2019
 BRONWNY CORBETT
London Stock Exchange listed Grit, the only listed Africa-focused income distribution…

Please publish modules in offcanvas position.