Johannesburg - Growthpoint Properties will dispose of a portfolio of 13 non-core office properties on an invited tender basis.
The properties for sale are all in Gauteng and together they span around 80 000 square metres of investment-grade office space occupied by quality tenants on leases that extend for as long as 2021 it said in a statement on Monday.
Growthpoint’s total assets are valued at R112.5 billion. The properties for sale represent a potential deal value of more than R1 billion.
Rudolf Pienaar, Growthpoint Properties divisional director for offices, explains these properties were originally selected for Growthpoint’s office portfolio in line with the exacting requirements of its asset management and investment criteria.
Growthpoint’s latest assessment of its investment criteria, especially in light of its significant recent growth, have resulted in the 13 properties being identified for disposal.
Pienaar explains that preference during the auction will be given to broad-based black economic empowerment purchasers and, although the properties are available to purchase individually, Growthpoint’s preference is for a single buyer.
“We are confident that Growthpoint has identified the properties for sale at an appropriate time to conclude the disposals at a suitable market value, while also refining our office portfolio to meet our business and sector strategies,” says Pienaar.
IOL