Business Day Reporter

LISTED property loan stock company Growthpoint Properties has acquired a 17300m² office development for R260m.

The development, called The District, has strategically positioned offices, showrooms and restaurant areas and is on the periphery of the Cape Town central business district.

The company said the development was scheduled for completion and occupation this month.

It said the acquisition would enhance Growthpoint’s portfolio of 420 properties countrywide.

“The offices’ superior quality, the mixed-use elements and accessible location were key factors in acquiring The District. It will contribute to increased rental income streams,” says Rudolf Pienaar, division director of the office portfolio.

The District consists of 14800m² of A-grade office space and 2500m² of showroom and restaurant space.

Source: Business Day