PIC acquires Deloitte building for R1.7bn

The Deloitte building in Midrand, Gauteng. Photo credit: Atterbury
The Deloitte building in Midrand, Gauteng. Photo credit: Atterbury

The Public Investment Corporation (PIC), on behalf of the Government Employees Pension Fund (GEPF), has concluded a purchase agreement to acquire 100% of the leasehold rights building on prime location in Waterfall, Midrand for R1.7 billion.

Previously co-owned by Attacq Limited (through Waterfall Investment Company Proprietary Limited) and Atterbury Property Fund (through Dale Creek Investments Proprietary Limited), the office building and letting enterprise houses Deloitte as the anchor tenant.

In a media statement, the PIC said the property conforms to the sustainable leadership in Energy and Environment Design (LEED) and it has been configured with environmentally friendly design features and technologies to ensure cost savings using consumer recycled content, solar panels, water harvesting, and filtration systems among other technologies.

The acquisition will be beneficial to the PIC’s client, as it is underpinned by a strong lease covenant of more than ten years” comment PIC Chief Executive Abel Sithole.

These cash flows will be accretive to the GEPF’s current portfolio from an income and capital growth perspective”.

The acquisition of this property supports the PIC’s drive for investments that are underpinned by ESG (environmental, social and governance) factors and will increase exposure to premium grade assets in key strategic nodes.

Waterfall City is a growing commercial node, developed with the concept of a live, work and play precinct. Accessible from the N1 highway and Allandale interchange, and with proximity to amenities as well as public transportation networks, Waterfall precinct continues to attract multinational and blue-chip companies.