SANDTON PROPERTY
Investec to buy back its head office for R2.2bn
In a surprise move, Investec Bank will buy back its Sandton head office from SA’s largest listed real estate group, Growthpoint Properties, for R2.2bn. The office, which lies in the heart of SA’s richest business district, is set to be upgraded to stand out among other corporate headquarters. Investec is best placed to ensure the upgrade is done optimally, says chief financial officer Nishlan Samujh. "Having been a long-term tenant, we want to be an owner-operator of this iconic office. We have plans to spend capital to make certain changes and believe we understand how to go about it cost effectively, so that we can enhance what it offers for our staff and clients," said Samujh. Investec originally sold the property, known as 100 Grayston Drive and Merchant Place Parkade, to Growthpoint Properties in November 2003, along with its Cape Town headquarters, for R975m. Growthpoint was disappointed to let go of Investec as a tenant in Sandton, where it owns various offices already. "This...
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