Building specifics: 12,433 m2
4 floors and 2 basement levels
Tenancy: Citibank (the major tenant in the building) and AECOM
Accelerate acquired the Citibank in Feb 2017. The Citibank Acquisition represents the first step in Accelerate’s strategy to acquire properties situated around key transport nodes, as the property is situated within 300 metres from the Sandton Gautrain station.
The Citibank acquisition represents an opportunity to add an A-grade office building to the portfolio. It is further situated in a prime location in the heart of Sandton, and is the first step in Accelerate’s transportation strategy.
The property is strategically located near key locations within Sandton, including:
- Neighbouring Nelson Mandela Square;
- 300m from the Sandton Gautrain Station; and
- 230m from the Sandton Convention Centre.
There is significant upside to this transaction as it holds 39,928 m2 of bulk that Accelerate will look to utilize once the property cycle has recovered in the Sandton CBD. In the interim the Fund has long-term leases with the tenants in the building.