Growthpoint Properties (JSE: GRT) has acquired a 13,870sqm prime logistics property in Keystone Park in Hammarsdale, KwaZulu-Natal, for R136-million, furthering the rebalancing of its sizable industrial property portfolio.
Featuring efficient, modern, new-build specifications, Growthpoint’s latest industrial asset is let to specialised food packaging provider, Malda Pack, and butchery supplier, Exim International. The property transferred to Growthpoint in late December 2022.
“We are pleased to conclude this acquisition in a secure logistics park with good quality tenants and suitable infrastructure at a time when KZN and Cape Town are proving to be relatively more attractive business destinations than other regions,” reports Errol Taylor, Growthpoint Properties Head of Asset Management: Industrial.
“The acquisition furthers our goal to improve our asset base by developing and acquiring premium properties in high-demand industrial nodes,” he adds. Growthpoint’s diversified industrial portfolio of more than two million square metres in 180-plus buildings caters to all needs of the industrial community, with a strong presence in sought-after nodes in Gauteng, Durban and Cape Town.
Keystone Park is a 152-hectare secure logistics precinct situated at the Hammarsdale Interchange of the N3 highway. It is in a major hub for national distribution from the Durban Port with direct access to the main logistics corridor connecting Durban, Pietermaritzburg, the inland container port at Cato Ridge and Johannesburg. The quality and location of this logistics park have attracted other big names like Pepkor and Mr Price.
While this is Growthpoint’s first investment asset in Hammarsdale, it is well-versed in the advantages of this location, with Growthpoint’s industrial development team having recently produced the award-winning property for Bakers Transport not far from Keystone Park.
Growthpoint also recently commenced the R180m development of Phase 2 of Trade Park, a prime industrial park in the Mount Edgecombe industrial precinct in KwaZulu-Natal, north of Durban. Trade Park is a midi-unit industrial park comprising two phases of some 20,300sqm and 21,600sqm respectively. The highly successful Phase 1 was completed in 2019 and Phase 2 broke ground at the end of January 2023. The second phase will introduce four new A-grade units ranging in size from 4,500sqm to 6,500sqm. The first units will be ready for occupation from October 2023.
“There is an overwhelming demand for, and a genuine scarcity of, quality A-grade warehouse facilities in the region. Growthpoint’s investment and development are responding to what business wants, which shows a confidence in and a preference for this region,” says Greg Worst, Growthpoint Properties Regional Head – KZN.
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ABOUT GROWTHPOINT PROPERTIES:
Growthpoint creates space to thrive with innovative and sustainable property solutions in environmentally friendly buildings while improving the social and material wellbeing of individuals and communities. It is an international property company invested in real estate and communities in South Africa and across the African continent, Australia, the UK and Eastern Europe. Growthpoint is 50% co-owner of the V&A Waterfront in Cape Town. Growthpoint is South Africa’s largest primary JSE-listed REIT. It is an established leader in commercial green developments and owns and manages the biggest portfolio of green-certified buildings in Africa.
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