Sandile Zungu looks to turn around struggling office portfolio
Sale concludes Emira’s’s programme of exiting lower-grade office buildings
In an ambitious move, president of the Black Business Council Sandile Zungu has bought 25 lower-grade office buildings, which he is hoping to revitalise, for R1.8bn from Emira Property Fund. Listed property group Emira has spent the past three years restructuring its domestic property portfolio and has been selling its older office assets, which included a number of B-grade and C-grade offices. Zungu, who runs Zungu Investment Company, formed a BEE consortium — Shankly Property Investments — which bought the portfolio. The assets include offices in major nodes including Bryanston, Woodmead, Rivonia, Centurion and Pretoria, with the largest asset being the R232m Corobay Corner offices in Menlyn. Shankly will be 51% majority-owned by Zungu Investment Company, while Boyno Trade and Invest, a subsidiary of ONE Property Holdings, will take a 29% stake in the new business. ONE is Emira’s partner in Enyuka Property Holdings, a retail property fund focused on lower-income consumers. Emira, ...
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