The Public Investment Corporation (PIC) has concluded the purchase agreement to acquire 100% of the leasehold rights building on prime location in Waterfall, Midrand.
The corporation said the office building and letting enterprise, houses Deloitte as the anchor tenant.
“The property conforms to the sustainable Leadership in Energy and Environmental Design (LEED) and has been configured with environmentally friendly design features and technologies to ensure cost savings using consumer recycled content, solar panels, water harvesting and filtration systems amongst other technologies,” said the PIC.
In a statement on Thursday, the PIC said the asset has been acquired on behalf of the Government Employees Pension Fund (GEPF). It was previously owned by Attacq (through Waterfall Investment Company Proprietary Limited) and Atterbury (through Dale Creek Investments Proprietary Limited).
Abel Sithole, PIC Chief Executive, said the acquisition will be beneficial to the PIC’s client, as it is underpinned by a strong lease covenant for more than 10 years.
“These cash flows will be accretive to the GEPF’s current portfolio from an income and capital growth perspective,” he said.
The acquisition of this property supports the PIC’s drive for investments that are underpinned by ESG (environmental, social and governance) factors and will increase exposure to premium grade assets in key strategic nodes.
Waterfall City is a growing commercial node, developed with the concept of a live, work and play precinct.
Accessible from the N1 highway and Allandale interchange, and with proximity to amenities as well as public transportation networks, Waterfall precinct continues to attract multinational and blue-chip companies.