PROPERTY FINANCE: Nedbank Funds Second Phase Of Sandton Business Park
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The 30,216m² development comprises eight separate sectional title office blocks offering A-grade accommodation and a nine hole “mashie” golf course. The 15,715 m² second phase is occupied by Credit Suisse, Bell Dewar and Investment Solutions.
Nedbank Corporate Property Finance also funded the construction of the first five buildings – Phase One – of the commercial development, which was completed in 2008. Tenants of that phase include the French Trade Commission, Momentum Group, DM Kisch Inc, Advtech and C K Energy SA (Pty) Ltd.
Ken Reynolds of Nedbank Corporate Property Finance said that this transaction is in line with Nedbank’s strategy to fund developments in the Sandton CBD. “The Sandton CBD has maintained its demand for A-Grade office space and has become the new financial node, not only for Gauteng but for South Africa and beyond.
A key factor in the decision to fund the development was the strength of the developer. Tiber has built a reputable name in the property industry. Their cautious and conservative attitude towards their developments has inevitably contributed to their success to date. Funding this development appealed to the bank because of its excellent location and a relatively conservative loan to value,” adds Reynolds.
Tiber Construction (Pty) Ltd was started in South Africa in 1948. It is a developer of good repute with the resources to successfully complete large developments. Since its inception, it has followed a policy of pursuing quality, service and profitability as opposed to purely growth in turnover – a policy still maintained today.
Business News Sector Tags: Finance| Property|