Investec Property Group, with R11.5 billion of property assets under administration including the assets of the two listed funds, Growthpoint and Metboard, hit the mark with R265,3 million value of new leases signed during the first half of 2003, despite concerns about a slow leasing market this year. Defying market expectations of bearish activity, Investec Property Group secured substantial office, retail and industrial leasing deals.

The first six months of this year saw Investec Property Group finalizing an impressive R158,7 million value (133 242 m2) of new commercial, retail and industrial leases in Gauteng province. Office leasing activity led the way, with 51.5% by size of the leases in this sector, followed by 34.27% of new industrial leases, and 14.23% of retail leases.

The Investec Property Group team in the Western Cape notched up an impressive 74,348m² of deals done, at a value of R87 million.

"There’s been a surge of demand for industrial space in the Western Cape, and our portfolio is virtually fully let. Industrial leases signed make up some 44,383m²," points out David Stoll of Investec Property Group, Cape Town.

In Kwazulu-Natal and the Eastern Cape, a further R19.6 million of lease value were signed and sealed. These provinces display a strong demand for retail space and some R15 million of the total leases signed were retail in nature. The new 2,500m² Edgars store at Beacon Bay shopping centre in East London, and a 4,800m² ShopriteHyper in Newcastle are two examples.

"The retail sector notwithstanding, we’ve also managed to bring vacancies in our industrial portfolio down to zero, on the back of R2 million of new industrial leases being signed," says Greg de Klerk, Investec Property Group, KwaZulu/Natal.

In addition, Investec Property Group fulfilled its mandate from Liberty Properties and secured R50 million worth of leases at Liberty Midlands Mall in Pietermaritzburg. These were effected via Investec Property Group’s Johannesburg office.

Steve Grupel, Head of Letting Gauteng, is quick to point out that the excellent leasing performance notched up during the first six months of 2003 was achieved as the result of strong team-work between Investec Property Group’s leasing consultants and the country-wide network of external brokers who work closely with Investec Property Group.

Ends

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