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The market was aghast at Balwin’s decision to spend about 7% of its market cap — R125.8m — on a new head office building in Melrose Arch, Joburg, next to the M1 highway. Shares in the property developer were already under pressure and stumbled further, taking Balwin stock down 13% year to date. The FM spoke to CEO Steve Brookes.

How do you defend this purchase?..

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