Intersite Asset Investments, PRASA’s property and investment subsidiary, has awarded six Western Cape development opportunities to private-sector partners. The projects represent a proposed investment of R3.6 billion and are expected to deliver 790 residential apartments and 4 466 student-accommodation beds.
Located in Eerste River, Somerset West, Stellenbosch, Kalk Bay/Muizenberg and Cape Town Station, the appointed development partners are Go Group, Kromkrans JV, Growthpoint Properties and Eris Property Group.
CEO of Intersite Asset Investments, Annette Lindeque, says the awards are an important step in their national strategy to transform strategically located, rail-linked assets into investable, mixed-use precincts. “By applying this model across our national portfolio, we aim to attract private-sector capital and capability, make better use of underutilised assets and build sustainable, diversified revenue,” she says.
Intersite’s portfolio comprises land and properties linked to established transport infrastructure and key urban nodes. Its team is tasked with identifying viable opportunities and bringing them to market with experienced developers that provide the capital, specialist expertise and delivery capability required.
It says it intends to assess selected projects within the awarded portfolio as potential co-investment opportunities which would be considered case-by-case and evaluated against investment criteria and required governance and approval processes. Where the investment case is compelling, Intersite says it may deploy its own capital alongside its partners, while the appointed developers retain responsibility for delivery.
Its Western Cape programme forms part of a broader pipeline through which Intersite intends to bring additional opportunities to market across its national portfolio.
“Our invitation to developers, investors and funders is simple: Intersite is open for business and ready to partner,” Lindeque concludes.
by PropertyWheel_Gby PropertyWheel_G
propertywheel.co.za
