PROPERTY: Rabie Portfolio Grows To R3.5bn
Recent Western Cape Business News
Rabie Property Administrators (RPA) has secured two new management contracts boosting the value of its portfolio under administration to more than R3.5 billion. The contracts include the Old Biscuit Mill in Albert Street, Salt River as well as Indigo Properties’ Cape Town CBD portfolio of eight buildings.
In addition RPA has been awarded the management contract for Ceres Square, a 2500 square metre shopping centre in Ceres, which is anchored by Spar, Spar Tops and Engen who collectively occupy about 80% of the gross lettable area. The three-year-old property is located on the main thoroughfare of Ceres with other national tenants including Steers fastfoods, Debonairs Pirzza and Stacks Video.
RPA was formed in 1995 initially as a department within the Rabie Property group managing its in-house properties. The portfolio grew rapidly and a separate company was registered in 1998 when they started acquiring third party clients. They currently manage 54 buildings including four shopping centres, four mixed use buildings in the Cape Town CBD and around 46 A Grade office buildings.
The company also recently acquired the management contract for the R750million Crystal Towers project at Century City which includes a 180 room five star hotel and spa, conference facilities, 90 luxury apartments,7000 square metres of Triple A grade offices including a standalone building which is tenanted by Mazars and an internal street with restaurants.
Director Leigh Metcalf said that when they started out, 100% of their portfolio was owned by the Rabie Property Group but third party clients now accounted for more than 50% of their portfolio.
“The greatest growth in our business in recent years has been in sectional title multi-tenant commercial buildings as well as mixed use buildings, the latter is indicative of trends in the market towards these.”
Metcalf said what set RPA apart was that it was “big enough to count but small enough to care”.
“Our 15 strong multi-skilled team prides itself on delivering a personalised, proactive service and on attention to detail.”
Metcalf said their other key clients included listed Ingenuity Property Investments, Century City Property Investments, Garden Cities and the Billion Group.
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