{"id":860182,"date":"2026-05-12T11:00:00","date_gmt":"2026-05-12T09:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=860182"},"modified":"2026-05-12T10:54:07","modified_gmt":"2026-05-12T08:54:07","slug":"two-houses-in-cape-town-sold-for-r100-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/860182\/two-houses-in-cape-town-sold-for-r100-million\/","title":{"rendered":"Two ‘houses’ in Cape Town sold for R100 million"},"content":{"rendered":"\n

Listed REIT Spear has announced the disposal of two commercial properties in Cape Town for over R100 million, resulting in a R26 million profit.<\/p>\n\n\n\n

The properties, Hamilton House and Chiappini House, in the Cape Town CBD, are long-term commercial rental properties. <\/p>\n\n\n\n

The properties comprise 3,452 sqm and 1,024 sqm of commercial space, respectively, in two side-by-side erven in De Waterkant, Cape Town.<\/p>\n\n\n\n

Spear acquired both properties in October 2024 for just over R80 million as part of the acquisition of the Emira Property Fund’s portfolio.<\/p>\n\n\n\n

Now, 19 months later, the group has concluded a deal to dispose of the properties for R100 million, with the price escalating by 0.5% per month from 1 April 2025 to the date of registration of the transfer.<\/p>\n\n\n\n

Accordingly, as at the date of the latest announcement, the Disposal Consideration is equal to approximately R107 million.<\/p>\n\n\n\n

The disposal was approved by the Competition Authorities on 11 May, the group said, adding that the deal has now become unconditional.<\/p>\n\n\n\n

The group described the properties as non-core assets in its portfolio, which could be sold to unlock value for shareholders and allow focus on higher-yielding properties in the province.<\/p>\n\n\n\n

“The disposal aligns with Spear’s capital recycling strategy when clear shareholder value unlock opportunities occur,” it said.<\/p>\n\n\n\n

The group added that the properties are located in an increasingly residential and redevelopment-focused precinct.<\/p>\n\n\n\n

Here, the long-term highest and best use for the properties lies in redevelopment, which diverges from Spear’s income-focused strategy, it noted.<\/p>\n\n\n\n

However, this created a clear and actionable opportunity to unlock value, which the group “crystallised” by selling the buildings at a premium to the original acquisition price.<\/p>\n\n\n\n

“The disposal further reduces Spears’ exposure to smaller, decentralised office assets and therefore simplifies overall portfolio composition in line with management strategy,” it said.<\/p>\n\n\n\n

The uplift in value of approximately R26 million from the purchase consideration added 5 cents to Spear’s net asset value since the acquisition of the properties.<\/p>\n\n\n\n

The group noted that the disposal consideration represented less than 5% of Spear’s market capitalisation as at the agreement’s signature date.<\/p>\n\n\n\n

Accordingly, the disposal is uncategorised under the JSE Listings Requirements. The information has thus been voluntarily disclosed by Spear.<\/p>\n\n\n\n

Images of Hamilton House and Chiappini House<\/h2>\n\n\n\n
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    Listed REIT Spear has announced the disposal of two commercial properties in Cape Town for over R100 million, resulting in a R26 million profit.<\/p>\n","protected":false},"author":10,"featured_media":860189,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[25221],"class_list":["post-860182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-spear-reit"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/860182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=860182"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/860182\/revisions"}],"predecessor-version":[{"id":860196,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/860182\/revisions\/860196"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/860189"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=860182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=860182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=860182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}