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PROPERTY: SA Reit Bounces Back

 



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CAPE TOWN-based property owner and developer SA Reit – formed by real estate doyens Alan Groll and Monty Kaplan – found some deal-making traction after losing out on a R900 million property deal earlier this year.

In April SA Reit proposed acquiring a R900 million property portfolio from industrial conglomerate, the Super Group. But the deal faltered – purportedly because banks would not back the transaction in the current economic climate. No doubt the Super Group deal would have provided the kind of critical mass that a new property venture like SA Reit would need not only to attract investor interest but also boost deal flow.

With higher interest rates and a cautious stance on property in general, one might well have expected SA Reit to concentrate on extracting efficiencies from its existing property portfolio and its development book.

So it was somewhat surprising when last month SA Reit proposed the acquisition of the Santam Corporate office complex in Tyger Valley for R177.5 million.

The Tyger Valley property adds another northern suburbs element to SA Reit’s initial focus on the Cape Town CBD. In late 2007 SA Reit acquired vacant land in Mislel Road in Tyger Valley for R25 million. This development land would be used for A-grade mixed use development by SA Reit.

The Santam deal also follows a string of smaller acquisitions early this year when SA Reit bought a handful of properties for R376 million.

These included investment properties like the Virgin Active building on the Foreshore, the Coin Security building in Cape Town as well as development properties in Tyger Valley.


 
 
 
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