The Public Investment Corporation (PIC) has concluded a purchase agreement to acquire 100% of the leasehold rights of the R1.7 billion office building in Waterfall, currently being let by Deloitte as an anchor tenant.
The PIC said that the asset has been acquired on behalf of the Government Employees Pension Fund (GEPF) and was previously owned by Attacq and Atterbury.
“The acquisition will be beneficial to our client, as it is underpinned by a strong lease covenant for more than 10 years,” said Abel Sithole, PIC chief executive officer.
“These cash flows will be accretive to the GEPF’s current portfolio from an income and capital growth perspective.”
The PIC said that the acquisition supports the its drive for investments that are underpinned by ESG (environmental, social and governance) factors and will increase our exposure to premium grade assets in key strategic nodes.
The property conforms to the sustainable Leadership in Energy and Environmental Design (LEED) and has been configured with environmentally friendly design features and technologies to ensure cost savings using consumer recycled content, solar panels, water harvesting and filtration systems amongst other technologies.
Formally completed in April 2020, the premises includes comprise 42 500m² of quality workspace, which will consolidate Deloitte’s current Woodmead and Pretoria offices in a single central location.
The building has space capacity for close to 5,000 people and consists of a ground floor with six stories of offices and four basement parking levels including nearly 2,000 parking bays.