VENTURES: Fairvest Gets A Cape Presence
Recent Western Cape Business News
IT seems CBN was justified in asking in November 2011 whether bringing on additional local expertise in the form of well known real estate personalities Darren Wilder and Adam Marcus to property company Fairvest’s board meant it could be looking at new opportunities in the Cape.
At that point Fairvest – under the leadership of the entrepreneurial Jacques Kriel – conspicuously had no Cape-based property in its portfolio.
Last month Fairvest announced a R550 million transaction to acquire a portfolio of properties from three sellers – including retail and office properties in the Western Cape.
In total Fairvest will spend some R150 million on three properties. The biggest is the retail niche known as Tokai Junction, which Fairvest bought for R85 million.
The area has a gross lettable area of over 7 600 sq m, and has an average gross rental of R108/sq m.
The second retail property is St Georges Square (costing R44 million) in George, a seemingly sprawling property with some 11 172 sq m of gross lettable area.
Both the Tokai and George property are in line with Fairvest’s stated strategy of focussing on retail assets in non-metropolitan areas and lower ‘LSM’ sectors.
Fairvest also bought an office block, paying R20 million for OmniPlace in Bellville.
Could there be more to come in the Cape for Fairvest?
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