Growthpoint acquires Tiber property portfolio and management business for R6,6 billion 18 November 2013
Growthpoint Properties and Tiber Group have announced that Growthpoint has acquired the entire Tiber Group portfolio of properties and management business. Growthpoint’s largest single acquisition to date will see it gaining one of the most exclusive property portfolios in South Africa.
Securing continuity of management and expertise in the transaction, Growthpoint will internalise the asset management and property management business from Tiber Projects. The transactions also includes an initial three-year strategic agreement with the Tiber Projects executive team of Stephen Scott, Germano Cardoso and Artur Carrazedo, as well as 320,000sqm of mainly P- and A-grade office space concentrated in Sandton and its surrounds, 28 prime properties and a 50% stake in a further 9 properties. It also incorporates 48,000sqm of undeveloped bulk.
Growthpoint is now the country’s biggest office property owner, with a portfolio of 1,5 million square metres of office space across South Africa, valued at nearly R25 billion. Read more about this:http://www.growthpoint.co.za/Pages/MediaNewsArticle.aspx?NID=157