SWAPROP invests over E70m in Matata City
MATATA – Swaziland Property Investments Limited (SWAPROP) is continuing to expand its retail property portfolio.
SWAPROP has recently purchased retail assets at Matata, and the developers are currently working with Seeff Eswatini and Inyatsi Construction on an infrastructure development project that would lead to the creation of Matata City. Swaprop purchased all the issued shares in Matata Properties (Pty) Ltd, a company that owns most of the retail properties in Matata City, including the Spar Complex, FNB Complex, Ackermans Complex, and Eswatini Bank Building, for about E60 million. This was disclosed by SWAPROP’s Paul Taylor, who also mentioned that a vacant plot in between the FNB Complex and Eswatini Bank was also included to allow for further development. Taylor said SWAPROP was looking to expand its retail property portfolio, and this acquisition fits the profile.
Activity
“In addition, SWAPROP sees mediumto long-term value growth in the assets acquired. There is a lot of activity in the Lubombo Region, and the development of Matata City, where both commercial and residential plots are being offered for sale, offers value enhancement,” added Taylor.
He also said SWAPROP would soon be going to the market via the Eswatini Stock Exchange to offer linked units to the public in order to raise finance to part finance the Matata acquisition and possibly finance further acquisitions of property that fit the profile of the group.
“Transfer of the shares has taken place, and management has been transferred to Silverspoon Asset Management, which already manages some of the SWAPROP assets. This was effected after approval of the transaction by the Eswatini Competition Commission,” added Taylor. Steffen Holdings and Inyatsi Construction
have embarked on a project valued at more than E70 million. The joint venture includes a residential and commercial township development that would transform Matata Town into an economic hub.
The joint venture is 50:50 between Steffen Holdings and Inyatsi Construction.
The project was announced shortly after Swaziland Property Investments Limited (SWAPROP) purchased Matata Properties (Pty) Ltd a company that controls the majority of the retail assets in Matata City, including the Spar Complex, the FNB Complex, the Ackermans Complex, and the EswatiniBank Building.
Plots
It is a farm that has now been subdivided into around 156 different plots, some of which are commercial and others residential. This means that interested people can now secure a full title deed by buying the plots and developing them.
The Inyatsi Matata joint venture has come in as a developer for the residential and commercial township.
The project will change the face of the town for the better as it will include surfaced roads, waterborne sewers, stormwater drains, potable water, electricity, phone lines, and public open space.
In a conversation with a representative of the Inyatsi Matata, he revealed that phase one of the projects, a main road into town, is nearly complete with only a few items outstanding. “In terms of phase two, the balance of the roads and infrastructure will be determined by sales.” Construction is likely to take roughly five months once it begins,” stated the spokesperson.
He also revealed that the cost of the land, roads, and infrastructure when completed is projected to be around E70 to E75 million.