Spear sells R400m Century City office block to Capitec
13 February 2023 - 19:35
Spear Reit, a Western Cape-based property fund has sold the Liberty Life office building in Century City for R400m, at a disposal yield of 9.57%, to Capitec.
The building, bought in 2019 for R375m, has a gross lettable area of more than 18,000m2 and weighted average net rental of more than R200/m2. Spear will settle the R375m debt attributable to the property, R1m is for sale costs and the company will retain about R24m in cash for reinvestment into the fund...
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