Growthpoint Properties has acquired its first investment asset in Hammarsdale, KwaZulu-Natal, a 13 870m2 prime logistics property in Keystone Park for R136 million.
The industrial asset features efficient, modern, new-build specifications and it is let to specialised food packaging provider, Malda Pack, and butchery supplier, Exim International. The property transferred to the REIT in late December 2022.
“We are pleased to conclude this acquisition in a secure logistics park with good quality tenants and suitable infrastructure at a time when KZN and Cape Town are proving to be relatively more attractive business destinations than other regions,” reports Errol Taylor, Growthpoint Properties Head of Asset Management: Industrial.
“The acquisition furthers our goal to improve our asset base by developing and acquiring premium properties in high-demand industrial nodes.”
Growthpoint’s diversified industrial portfolio of more than two million square metres in 180-plus buildings caters to all needs of the industrial community, with a strong presence in sought-after nodes in Gauteng, Durban, and Cape Town.
Keystone Park is a 152-hectare secure logistics precinct situated at the Hammarsdale Interchange of the N3 highway. It is in a major hub for national distribution from the Durban Port with direct access to the main logistics corridor connecting Durban, Pietermaritzburg, the inland container port at Cato Ridge and Johannesburg. The quality and location of this logistics park have attracted other big names like Pepkor and Mr Price.