Bank finances contractor’s R408m head office development
Financial services firm Standard Bank has reported that it has finalised a R408-million financing arrangement for commercial property developer Atterbury Property Group to construct a head office block for engineering and construction firm Group Five in Johannesburg.
Atterbury will construct the new facility in the Waterfall Business Estate.
Regarded as a key development node over the next ten years, the Waterfall Business Estate spans both sides of the N1 highway, from the Woodmead interchange through the Buccleuch inter- change to the Allandale interchange.
The estate consists of a 1.8-million-square-metre mixed-use commercial development. Its roll-out will span the next 14 years and it is valued at over R25-billion.
Standard Bank has also provided R54-million for the construc- tion of a new head office for tech- nology group Altech and R116- million for the bulk services of Altech’s industrial campus, as well as R243-million for the bulk services for the Waterfall central business district, which will house the devel- opment of a super-regional mall to be called Mall of Africa.
The bank stated that the Water- fall Business Estate offered acces- sible commercial and residential space at a premium, which made it strategic to the growth of Johan- nesburg, consolidating the north–south development corridor as Johannesburg and Pretoria converge.
“We have developed a great working relationship and we look forward to continuing to work with the Atterbury group as the Waterfall Estate continues to develop,” Standard Bank real estate finance manager Marvin Nair said.
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