Western Cape-focused real estate investment trust (reit) Spear announced a R150m property disposal along with the completion of a R50m upgrade of a shopping centre on Tuesday. Spear said it sold a vacant property, 142 Bree Street, to Arctigen "at a purchase consideration that was at a substantial premium to the book-value of the property". Spear also said it completed a R50m addition to convenience retail centre Sable Square near Cape Town’s Century City. The 3,431m² of additions include 1,750m² of A-grade office space and a 1,681m² gym leased by Zone Fitness. Spear MD Quintin Rossi said the company intends investing a further R300m to R400m on additions to Sable Square, planning to add further retail space along with 130 to 200 residential units to the precinct over the next 18 to 24 months subject to local authority approvals. Sable Square centre manager Marius Heydenreich said: "With the expansion of the Clicks store and the addition of Pick n Pay Clothing and Tekkie Town to the ...
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