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Johannesburg - The Chinese steel giant Sinosteel has acquired a prime Sandton office building for R500m.
The Inner Circle building, bought from Edge Properties, is still under construction and expected to be completed by July this year. It is situated on the corner of Rivonia and Grayston avenues in the heart of the Sandton business district.
Sinosteel has already made significant investments in the country and has, inter alia, two joint ferrochrome ventures - Tubatse Chrome with Samancor, and ASA Metals with LimDev.
Sinosteel SA managing director Fengzhi Nan says the group is also on the lookout for opportunities in various manganese projects.
Lawrence Azar, Edge Properties' business development manager, describes the property agreement as a landmark deal in the current property conditions.
Coronation Fund Managers' property portfolio manager, Anton de Goede, finds it interesting that the group has bought the building rather than leasing it, as most other international corporations do in South Africa.
He says the purchase of this office space will make a dent in the new office space available and near completion in Sandton.
According to the latest research report on office vacancies by the SA Property Owners' Association (SAPOA) and the Investment Property Databank (IPD), in the fourth quarter of last year there was 114 700 sq m of new Sandton office space available for rental.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.