{"id":853618,"date":"2026-03-11T14:30:00","date_gmt":"2026-03-11T12:30:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=853618"},"modified":"2026-03-11T14:04:19","modified_gmt":"2026-03-11T12:04:19","slug":"discovery-gets-the-nod-to-spend-r4-billion-to-buy-its-own-office-with-its-own-woolworths","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/853618\/discovery-gets-the-nod-to-spend-r4-billion-to-buy-its-own-office-with-its-own-woolworths\/","title":{"rendered":"Discovery gets the nod to spend R4 billion to buy its own office – with its own Woolworths"},"content":{"rendered":"\n

Discovery’s plan to acquire its massive Sandton office from Growthpoint Properties has received the Competition Commission’s approval. <\/p>\n\n\n\n

Discovery moved into its office in 2018. It believes it will remain at the office park for more than the next seven years, when its current lease expires. <\/p>\n\n\n\n

Discovery said that the move also accounts for the long-term, strategic nature of office planning, especially given the scale of Discovery’s Johannesburg operations.<\/p>\n\n\n\n

“The group is deeply committed to South Africa and believes the head office has served the group well in all aspects and aligns with its purpose, values, and its long-term outlook,” said Discovery.<\/p>\n\n\n\n

The company’s plan to acquire its office park has now received approval from the Competition Commission, which recommended that the Competition Tribunal approve the transaction. <\/p>\n\n\n\n

The deal will see Discovery Propco acquire Discovery Phase 1, which includes the Grove and Park buildings of 1 Discovery Place. <\/p>\n\n\n\n

The financial services provider will also cancel the lease for Phase 2 at the Ridge building. Under the deal, Growthpoint will acquire Phase 2 from fellow owner Truzen. <\/p>\n\n\n\n

Discovery said the total consideration for the transactions on its side is R4.05 billion, with the deal fully funded by debt. <\/p>\n\n\n\n

From Growthpoint’s perspective, the sale of Discovery Phase 1 (its 55% share) and the acquisition of Discovery Phase 2 (Truzen\u2019s share 45%) stand at the following: <\/p>\n\n\n\n