SA REIT (formerly Shops For Africa) has been busy since it relisted from the c late last year as a new-look, recapitalised property investment and development company with an initial portfolio of 10 properties.

The company announced this week that it would undertake a major facelift and refurbishment of a Cape Town central business district landmark building, 22 Long Street, to transform it into prime A-grade offices.

This follows last week’s announcement that it was selling a half share in two other adjoining properties in the Cape Town central business district to Redefine Income Fund, and that the two companies would jointly be redeveloping the consolidated properties into a landmark triple-A-grade office block with a gross lettable area of 24000m², at a cost of more than R600m.

The redevelopment of the two properties, which are in the heart of what is becoming the new financial hub of Cape Town, is expected to be completed by the first quarter of 2010.

MD Arnold Maresky said 22 Long Street, which it acquired in October for R81m, was being completely revamped internally and externally to reposition the old building as a modern A-grade office facility.

The building was selected for its redevelopment potential in line with the company’s strategy to primarily invest in properties where it could add value.

SA Reit also announced recently that it had acquired three other properties in Cape Town for a total cost of R70m, boosting the value of its portfolio of primarily Western Cape-based properties to more than R440m.