Durban – Nedbank announced that it has committed to investing R1 billion into a new mixed-use office and retail development in Umhlanga, KwaZulu-Natal (KZN).
The iconic Park Square development is still under construction and is located in the fast-growing Umhlanga Parkside node.
It will have a 4-Star Green Star Design and As-Built rating and will serve as one of Nedbank’s flagship campuses in KZN.
Anand Joseph, divisional executive of Nedbank Corporate and Investment Banking Property Finance in KZN, said the bank’s R1 billion investment was a further demonstration of its confidence in the province.
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“Park Square reinforces the seriousness with which Nedbank takes its responsibility to playing a vital part in the ongoing growth and development of South Africa’s economy,” said Joseph.
The announcement follows in the heals of another investment in the form of Radisson Blu Oceans Umhlanga Hotel announced earlier in the week by local tycoon Vivian Reddy.
BUSINESS REPORT