New acquisition to open doors for Accelerate

LISTED-PROPERTY fund Accelerate believes its acquisition of the Murray & Roberts (M&R) building in the Cape Town Foreshore together with its existing properties in the node created an opportunity for a “large-scale commercial and residential development”.

However, Accelerate has not provided any timeline for such a development.

Accelerate announced in March this year it had acquired two erven situated in the Cape Town Foreshore, comprising the 5 470m² M&R building and an 11 230m² parking lot adjacent for an undisclosed amount.

It said these properties were located adjacent to other properties in the Cape Town Foreshore that were owned by Accelerate, including Oceana House, Thomas Pattullo, 101 Hertzog Boulevard and the Mustek building.

Accelerate said at the time the acquisition of the M&R building enhanced its position in this strategic node and there was significant development potential for this precinct, which Accelerate intended unlocking. The value of Accelerate’s property portfolio grew 38 percent year-on-year to R11.6 billion in March.

Accelerate listed in December 2013 with a property portfolio valued at R5.5bn.

The rise in the past year was largely attributable to Accelerate’s initial offshore investment of R1.25bn and the acquisition of about 50 percent of the iconic Portside tower in Cape Town for R755m, Eden Meander retail centre in George and the Citibank building in Sandton.

Its offshore expansion involved the acquisition of nine retail warehouse properties, six of them in Austria and three in Slovakia.

Accelerate