News24.com | For sale: Dozens of retailers and diverse properties, owned by executive’s pension fund

Formerly an office and now a trendy apartment at Rand President. (Supplied)

Previously an office and now a stylish condominium at Rand President. (Supplied)

  • The Public Funding Corporation, which manages civil servant pensions, plans to sell 70 properties – including shopping retailers and commercial structures.
  • First on the chopping block are Edcon’s historical practicing campus and two shopping centres in Cape Town and Durban. 
  • The proceeds of the gross sales will likely be invested in diverse alternatives, the PIC talked about. 

The Public Funding Corporation needs to sell 70 properties – including retailers and office structures – in the arrival months.

The properties are for the time being held in the Govt Worker Pension Fund’s portfolio, and the PIC, which manages civil servant pensions, has formed a joined venture with right estate firms to internet rid of the structures.

The notify-owned asset supervisor – which has over R1.9 trillion in assets below administration – says it’s looking for to “optimise” the GEPF’s property portfolio.

But this would perhaps well no longer be the supreme time in recent times to sell South African commercial and retail properties, which had been ravaged by Covid-19. Many landlords are struggling to non-public an exodus of tenants as the pandemic saved customers out of retailers, whereas the work-from-house pattern continues to depress the question for places of work.

The PIC needs to sell the properties in two tranches. Essentially the fundamental community of 25 retail, industrial and pupil housing structures will fling on sale first, whereas a 2d tranche of 45 properties, which would maybe perhaps well be mostly commercial and specialised, are on account of be released in July. The properties moreover consist of faculties and files centres.

Edcon’s historical practicing campus with hotel and convention services in Ormonde, Johannesburg, as successfully as a tenanted industrial unit in Lyttelton Manor Pretoria, the Palm Grove Browsing Centre in Durbanville, Cape Town and the Village Market Browsing Centre in Westville, Durban will likely be section of the first tranche.

The disposal of the properties will likely be brokered by Jones Lang LaSalle (JLL), the successfully-organized UK-owned right estate company, and the Empact Community, which is wholly owned by Thebe Funding Corporation. Here’s the first time that the PIC has appointed commercial brokers to dealer the sale of GEPF properties. The firms had been appointed through a young direction of.

“In picture to give self assurance to investors taking part in the gross sales direction of, we non-public got appointed a commercial property JV to supervise the sale of a portion of the portfolio. Our appointed brokers will notify up your entire direction of from advertising to deal closure. We particularly desired to create this an exterior direction of to give the market self assurance in the gross sales,” talked about PIC CEO Abel Sithole.

He talked about the proceeds of the gross sales will likely be invested into diverse investment alternatives.

The PIC is moreover on an ongoing mission to restore its credibility after a string of investments it made prior to now decade went awry, including in Ayo Technologies and Steinhoff. The governance of the asset supervisor changed into discipline to a commission of inquiry chaired by Justice Lex Mpati.

Study Extra

Africhoice

Read Previous

News24.com | Pleased Akani on World Relay Champs take dangle of: ‘It’s going to be a lawful display at the Olympics’

Read Next

News24.com | Press Freedom Day: Ramaphosa speaks up for SA journalists

Leave a Reply

Your email address will not be published. Required fields are marked *