Adrienne Hersch Properties

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Edcon Place purchased for R150million

Vunani Property Investment Fund (VPF) revealed on Thursday that it had acquired Edcon Place office block for R150.47million, in Johannesburg CBD.

Edcon Place quarters Edcon‚ owner of Edgars and CNA. Vunani purchased the property from Windfall 50 Properties.

Vunani was recently overtaken by Texton Property Investments. The deal is intended to expand Vunani from a small property fund with R2billion assets to a medium-sized fund.

The merger will see the CEO of Vunani Property Investment Fund, Rob Kane take up a shareholding in Cozifor, owning 100% of Texton and remaining as VPIF’s CEO.

Ms Marelise de Lange will also remain as the CFO of VPIF and will be a shareholder.

The Texton management team will include Gerard de Rauville, Angelique de Rauville, Thys van Heerden and Chick Legh.

In compliance with the new DTI BEE codes as well as the Property Charter, Texton will place a BBBEEE share scheme at VPIF level.

Global retailers look to South Africa

Recent research by CBRE has revealed global retailers as well as retail property investors are seizing advantage of South Africa's appeal as a competitive retail destination.

This is as it was reported that South Africa is presently ranked at 53 out of 61 countries in terms of international retailer presence - up 14% during 2013 – As reported by the director of research and marketing, Elaine Wilson at Broll Property Group, part of the CBRE affiliate network.

The increased ranking indicated growing interest from retailers around the world.

Johannesburg has the highest volume of global retailers and includes recent entrants such as City Chic, H&M, Lush and Lovisa.

Porsche South Africa - Highest bidder of Kyalami

The Kyalami Racetrack has been sold for R205million to Porsche South Africa, who intend to preserve the property as a racetrack.

Yesterday saw South Africa’s first racetrack auction with the highest value received for High Street Auction Co, according to Joff Van Reenen, the lead auctioneer. The auction was held at Summer Place in Johannesburg.

Seven bidders were registered for the property, depositing a refundable R4million for participation in the auction.

As well as the racetrack being retained, the name will also remain to be Kyalami Racetrack. Van Reenen has also claimed to be pleased with the purchase price.

600 to 800 participants were anticipated for the auction.

Kyalami track under auction

Kyalami racetrack, host to Formula One Grand Prix races for almost twenty years, is to be sold and may be given to motorsport, according to auction organisers today. 

A minimum price of 200million rand ($19million) has been set for the celebrated circuit upon 72 hectares of land within a rapidly developing region, North of Johannesburg, as claimed by a representative of the High Street Auction Company. 

It is said if a developer is to purchase the track, the nature of the Kyalami property would be expected to vary quite considerably, with the possibility of there no longer being a track. 

However, some potential buyers were looking at the possibility of keeping the track whilst developing its surroundings.