Equites to de­velop huge R90m ware­house for Fa­mous Brands

Cape Times - - COMPANIES - Roy.cokayne@inl.co.za

LISTED spe­cial­ist in­dus­trial prop­erty de­vel­oper and land­lord Equites Prop­erty Fund plans to de­velop a 7 000m² ware­house in Cape Town for Fa­mous Brands at a cost of about R90 mil­lion.

Equites chief ex­ec­u­tive An­drea Tav­erna-Turisan said yes­ter­day that con­struc­tion of the ware­house just off the R300 on the Stel­len­bosch ar­te­rial was ex­pected to start in the next two to three weeks af­ter fi­nal sign­ings.

Tav­erna-Turisan said Equites was de­vel­op­ing the ware­house for Fa­mous Brands on a 10-year lease.

He added that it was now a great time to de­velop in South Africa be­cause con­struc­tion com­pa­nies were un­der mas­sive pres­sure as a re­sult of there be­ing lit­tle work, which meant pric­ing lev­els were good.

Tav­erna-Turisan said they were en­gag­ing with their clients and try­ing to con­vince some of the big­ger op­er­a­tors in South Africa to com­mit to de­sign­ing and de­vel­op­ing new fa­cil­i­ties that would take them for­ward for the next 10 to 15 years.

“We are dis­cussing with mul­ti­ple po­ten­tial ten­ants at the mo­ment the de­vel­op­ment of some pretty sub­stan­tial and mean­ing­ful cam­puses.

“We are qui­etly con­fi­dent that there might be some pos­i­tive ac­tiv­ity com­ing through in the next year,” he said.

Tav­erna-Turisan added that there was a re­al­i­sa­tion among users that had mul­ti­ple units all over the place that there was a more ef­fi­cient way of work­ing that in­volved fewer, big­ger units.

He said this was a trend both in South Africa and the UK.

Tav­erna-Turisan said Equites de­vel­op­ment pipe­line in South Africa, in­clud­ing projects it would be com­plet­ing this month, was about R500 mil­lion while its £55m (R1.06 bil­lion) de­vel­op­ment pipe­line in the UK com­prised three build­ings that would be com­pleted in about April next year.

Shares in Equites rose 1.62 per­cent on the JSE yes­ter­day to close at R20.65.

KAREN SANDISON African News Agency (ANA)

PSG HAS re­ported dou­ble-digit growth. / ROY COKAYNE

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.