Accelerate Property Fund (APF) acquired approximately 50% of the iconic Portside Tower in the Cape Town CBD, recognized as Cape Town’s tallest building.
The Johannesburg-based property fund bought the stake in Portside from previous owner Old Mutual Life Assurance, with First Rand remaining the co-owner occupying the upper floors in the building. The transaction was brokered exclusively by Baker Street Properties in Cape Town, with the company also assuming responsibility for the marketing, leasing and management of the property.
APF listed on the JSE in late 2013 and continues to roll out an extensive growth strategy, with a commitment to curating a top-end retail & commercial property portfolio. The fund’s chief operating officer, Andrew Costa, adds that “we remain a fund that has a focus on retail assets but we take up good opportunities like Portside when they arise”.
Baker Street Properties is one of Cape Town’s most established commercial property brokerage firms, affiliated with international real estate firm JLL. The company provides innovative property solutions to its discerning clients inclusive of leasing, investment, management and valuation services. Baker Street Properties director John McMahon, who facilitated the transaction between Old Mutual and APF, adds that “we are not only proud to be associated with APF, but also excited to take on the marketing and management of this iconic building in Cape Town”.
The company has already successfully negotiated new office space for reputable international tenants in the building. Baker Street Properties Portfolio Manager, Cliff Toerien, states that “by taking a hands-on approach, we are committed to running and maintaining this high profile property to the expectations of our valued clients, tenants and partners”.
Baker Street Properties has invested in a bespoke website and marketing strategy for the property on behalf of APF, which not only features the building’s key attributes but also provides prospective tenants with important information such as detailed floor plans, 3D renders of office solutions and the extensive benefits of the building’s 5-star green rating.
Marketing manager at Baker Street Properties, Francois Kriel, adds that “we are not only positioning this iconic building as Gateway into Africa, but also focus on promoting Cape Town as strategic business location to international tenants. We will continue to work closely with The City and our partners to attract high profile companies and new job opportunities to Cape Town.”