Total GLA – 25,226 m2
Retail – 742 m2
Office – 24,848 m2
Accelerate has acquired, subsequent to reporting date, all Old Mutual’s shares in the Portside Tower in Cape Town, which represents approximately 50% ownership of the Portside Complex. The acquisition represents the implementation of one of our operational goals in developing and growing strategic nodes across South Africa. The Portside Tower will give us the opportunity to expand in the Foreshore node in the Western Cape and capitalise on an opportunity within Cape Town’s growing property market.
The Portside Tower is an iconic building in Cape Town. Standing at 139 metres, it is the tallest building in Cape Town, offering 57 000 m2 of AAA-grade office space. With its 5-star green rating, it also stands as one of the most environmentally friendly high-rise buildings in Cape Town and follows best practice regarding sustainability, visual impact, public space, green building principles, climatic control, ease of access, security and social responsibility. It holds 1 444 parking bays, 70 of which are designated for hybrid or alternative fuel vehicles and 16 holding electric car chargers, 70 motorcycle bays and 227 bicycle spaces. The building is designed to encourage employees to cycle to work, with clear cycle routes allocated, and change rooms with showers and lockers. Community bicycle racks are also available for the public.
The Portside Tower was designed as a “building for the people”, with the vision of redeveloping the foreshore area and revitalising local street life. As such, we believe it is the perfect asset to grow our portfolio and extend our vision of making the Foreshore node one of our strongest business nodes. It holds a prime location, with proximity to important amenities such as the Cape Town International Convention Centre, the V&A Waterfront, a MyCity Bus Stop, Cape Town Station, banks, hotels and a Virgin Active gym. It also stands in Cape Town’s emerging financial district.
The Portside acquisition will do much to grow our asset base, from a strategic and investment perspective. We expect solid returns on our investment in the Cape Town area.