Telkom delays date for property submissions.

Posted On Wednesday, 16 October 2002 02:00 Published by
Rate this item
(0 votes)
Telkom has bowed to pressure from the commercial property industry, postponing for three weeks the due date for the expression of interest in its property portfolio earmarked for disposal.
Telkom has bowed to pressure from the commercial property industry, postponing for three weeks the due date for the expression of interest in its property portfolio earmarked for disposal.

The property industry expressed disappointment in several aspects of the process, including time allocated for preliminary submissions and the requirement of a R50000 nonrefundable deposit in exchange for details of what was for sale and the criteria for acquisition.

Telkom procurement services executive Phil Redhead announced on Friday last week the day submissions were due that the group had decided to move the due date to November 1. Several interested parties felt they needed more time to finalise their submissions, given the nature and size of the proposed transaction, he said.

Industry lobby groups, including the Property Council of SA and commercial property association Sapoa, had raised concern about the process with Telkom.

It was felt that the process might favour large, established commercial property players at the expense of emerging and black empowerment firms. Telkom had indicated that it was looking for one large investor or a consortium to take the whole portfolio.

Telkom said its preference for one large entity would not exclude black empowerment players because its stringent prequalification criteria for investors included an empowerment component.

Sapoa executive director Brian Kirchman welcomed the postponement, saying it would give interested investors more time to compile competent submissions.

Business Day


Publisher: Business Day
Source: Business Day

Most Popular

Where is the housing market headed in 2021? Dr Andrew Golding comments

Jan 19, 2021
Andrew_Golding_Golding_PropertyGroup
After the worst economic downturn in decades, further dampened by the recent tightening…

Repo rate remains unchanged at 3.5%

Jan 21, 2021
Governor_Lesetja_Kganyago_SARB1
The Monetary Policy Committee has decided to keep the repo rate unchanged at 3.5% per…

2021 - the year of the great reset

Jan 20, 2021
Yael_Geffen_LGSIR_CEO
Although the pandemic hasn’t yet abated as we had all hoped and 2021 looks to be more of…

Accelerate appoints Derick van der Merwe as independent non-executive director

Jan 21, 2021
Derick_van_der_Merwe_Accelerate
JSE-listed Real Estate Investment Trust and 50% owner of Fourways Mall, Accelerate…

Please publish modules in offcanvas position.