GROWTHPOINT Properties plans to dispose of a R1bn portfolio of 13 noncore office properties on an invited tender basis.The group said the disposal would give small listed funds and private property companies access to high-quality assets in an undersupplied market.Growthpoint had sold about R2.5bn worth of assets in the past few years, but this was the first time the real estate investment trust (Reit) had a portfolio of this size on the market simultaneously, Rudolf Pienaar, Growthpoint Properties’ divisional director of offices, said.The properties for sale are all in Gauteng and together span about 80,000m² of investment-grade office space occupied by tenants on leases that extend for as long as 2021. As the largest South African primary listed Reit, Growthpoint’s assets are valued at R112.5bn."The properties for sale represent a potential deal value of over R1bn. However, this is small compared with Growthpoint’s overall office portfolio value of R33bn, thanks to its significant...
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