Nedbank adds value to the established and thriving commercial area of Jet Park near OR Tambo Airport in Johannesburg with a R45 million loan to GRWJET Park Investments (Pty) Limited for the development of office and warehouse facilities.
The proposed construction will offer 1 734m² of offices/showroom, 4 849m² of warehouse workshop, 12 890m² of concrete hardstand and 10 000m² of crusher parking area with 46 parking pays. Construction has commenced and should be completed by June 2013.
The property is located on the corner of Denne and Saligna Roads in the Jet Park/Hughes Precinct, Boksburg with excellent exposure to the N12 freeway. Richard Thomas, regional executive: Nedbank Corporate Property Finance says that this is a very popular area as it is situated in close proximity to OR Tambo Airport with many national and international firms being represented in this node.
GRW was started in 1989 when Gerhard and Wentzel van der Merwe started a transporting business. They manufacture tankers for the transport of liquids, chemicals and hazardous materials and have plants in Kraaifontein Industria, Worcester and Johannesburg with clients including Unitrans, BP, Parmalat and Spoornet. GWR contracts to all the major industries and has expanded operations to the UK due to demand on the continent with the company being able to provide to the European Union standard. Their business attracted the attention of the PSG Group which bought a minority share in the holding company – GRW Holdings – through their private equity vehicle Paladin Capital, now called PSG Private Equity.
Shareholders in GRWJET Park Investments include GRW Properties (Pty) Ltd and FQGRW JHB Investments (Pty) Ltd. GRW Properties is the property investment arm of the GRW Group with the shareholders being four family trusts. These same trusts also own shares in the group holding entity, GRW Holdings. FQGRW JHB Investments is a joint venture between Leon Quenet’s family property investment vehicle Quenet Capital and his British investment partners, Folkes Holdings.
‘The GRW Group is a strong and growing business, is renowned for its engineering excellence and runs its award-winning business out of Worcester. Quenet also hails from Worcester and has a good relationship with the GRW Group. Folkes and Quenet have been in partnership for several transactions with a good, solid track record. The Folkes group hails from the UK with their main business being in commercial property investments in the UK and as a provider of mezzanine finance to third parties in South Africa. The group owns assets in industrial, commercial and retail property to the tune of 186 000m² of commercial property in the UK and 74 000m² in retail property in SA,’ says Thomas.
The development team, Abbeydale Building & Civils, has a strong reputation in the property industry with 20 years construction experience. They have constructed warehouses in the last five years for heavyweights such as Unilever, Massmart and Pepcor. Quenet Corporate Property has been appointed to oversee and coordinate the entire development process.
‘We are proud to be in partnership with an industry-leader like the GRW Group. The proposed development will add great value to an already well-known and flourishing commercial area and Nedbank remains committed to the industry and will continue to invest in platforms of this stature,’ concludes Thomas.
© Property Wheel