Partnership deal for education offices

Posted On Thursday, 14 June 2007 02:00 Published by eProp Commercial Property News
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Construction will start this month on the new Pretoria head office for the national education department in a public-private partnership.

 

Sethekgo Private PartyThe public-private partnership agreement with the department for design, construction finance, operation and maintenance of the head office was concluded by The Sethekgo Private Party.

Sethekgo shareholders are Old Mutual Investment Group Property Investments, Makhosi Concessions, Fikile Concessions, Drake & Scull, Stercorp Capital and Old Mutual Ideas Fund.

The project is based on a 27 year contract that envisages two years of construction and 25 years of operations.

The property will remain that of the state. The Sethekgo Private Party will earn returns from the property for 25 years. Project funding for the 30000m? four storey development, bounded by the Civitas building, Struben, Paul Kruger and Bloed streets in the Pretoria central business district, is being provided jointly by Standard Bank and Old Mutual Specialised Finance.

The building design is based on an African aesthetic. It will accommodate 1,200 staff.

The building will house conference and printing facilities, as well as a staff restaurant.

Last modified on Thursday, 15 May 2014 08:24

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