Growthpoint Properties (JSE: GRT) has commenced construction on a green office refurbishment of its 36 Hans Strijdom Building, the Cape Town headquarters of Ninety One (JSE: NY1), in a move that reinforces both companies’ commitment to the Cape Town CBD and to sustainability.
Ninety One, a global investment manager with South African roots, has been based at the Growthpoint-owned building in the Cape Town Foreshore for over two decades. Ninety One evaluated a number of options for its offices, including new construction, as its co-tenant in the building prepared to move to new premises. Its decision to remain at 36 Hans Strijdom was strongly driven by its net-zero carbon aspirations.
Growthpoint welcomed the move, committing to an extensive green revamp of the property as Ninety One signed a 15-year lease for the building’s entire 12,800sqm of lettable area. Growthpoint has been at the forefront of environmental innovation in the property sector in South Africa, establishing green building as an accepted practice in the local commercial property sector and now driving the adoption of renewable energy in this space. Its own net-zero goal is to be carbon neutral by 2050.
Paul Kollenberg, Growthpoint Head of Asset Management: Offices, comments, "At Growthpoint, we are thrilled to continue our longstanding partnership with Ninety One. Remodelling this landmark building to the highest environmental standards is a testament to our mutual vision for a more sustainable future."
Growthpoint’s refurbishment of 36 Hans Strijdom is being guided by sustainability goals rather than appearances, so while it will essentially deliver a new, lower-carbon building, the changes will mostly be visible from inside the building.
To begin with, a significant amount of embodied carbon is being salvaged by re-using of the entire building structure. Among the environmentally friendly building improvements are an on-site solar plant, energy-efficient displacement air conditioning and high-performance glazing. Energy-hungry escalators will be replaced by circulation stairs in the new layout to reduce power consumption.
Furthermore, 36 Hans Strijdom was the first building in the Mother City to receive clean, green energy wheeled via the city’s energy grid, as part of the City of Cape Town’s wheeling pilot project. This is possible thanks to Growthpoint's partnership with licenced electricity trader Etana Energy, which is a selected pilot participant. Solar energy generated at Growthpoint’s The Constantia Village shopping centre is already being exported for use at the long-term home of Ninety One.
Growthpoint’s investment in this green refit demonstrates its continued belief in the value of the Cape Town CBD and in the power of projects such as this to support sustainable built environments. Growthpoint owns 360,000sqm of offices in the Western Cape.
“Choosing to refurbish rather than relocate cements our commitment to a vibrant Cape Town CBD,” says Thabo Khojane, MD of Ninety One. “At the same time, it was imperative for us to ensure we inhabit a more energy-efficient environment in line with our drive to achieve net zero by 2050.”
Commenting on their decision to sign a 15-year lease for the entire lettable area, Khojane says, “Ninety One is a growing global business. This building has the space to accommodate a growing staff complement, as we’re increasingly onshoring many of our global roles for South Africans, thus creating much-needed jobs locally.”
Kollenberg adds, “Green office refits such as this one help lower carbon footprints and save energy. These efforts revitalise standing structures and create modern, sustainable spaces that contribute positively to their surroundings. By focusing on sustainable practices, we aim to enhance the urban landscape while reducing environmental impact.”
Construction will take approximately 12 months to complete, with the building’s milestone installation of its new flush-glazed facade taking place in the final quarter of this year. Ninety One has relocated to temporary offices for the construction period and will return to its greener home upon completion, which is scheduled for July 2025.
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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. Growthpoint is South Africa’s largest primary JSE-listed REIT. 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 has been at the forefront of environmental innovation in the property sector in South Africa, establishing green building as an accepted practice in the local commercial property sector and driving the adoption of renewable energy. Visit growthpoint.co.za for more information. Connect with Growthpoint on Facebook, Twitter, LinkedIn and YouTube.
About Ninety One
Ninety One is an active, global investment manager managing R2.9 trillion in assets (as at 31.12.23). Our goal is to provide long-term investment returns for our clients while making a positive difference to people and the planet. Established in South Africa in 1991, as Investec Asset Management, the firm began as a small start-up offering domestic investments in an emerging market. In 2020, as a global firm proud of our emerging market roots, we demerged to become Ninety One. We are committed to developing specialist investment teams organically. Our heritage and approach let us bring a different perspective to active and sustainable investing across equities, fixed income, multi-asset and alternatives to our clients - institutions, advisors and individual investors around the world.
For more information, please visit NinetyOne.com
