Nedbank funds new Massmart head office

Nedbank Corporate Property Finance today announced that it funded the recently completed head office building for Massmart and Makro in the Tiber Group's Sunninghill Office Park in Johannesburg.

The building was developed and is owned by the Tiber Group.  Total gross lettable area is approximately 15 550m².

Massmart, the third largest distributor of consumer goods in Africa, has taken occupation of the first five floors of the building (9 742m²), while the sixth floor (1 643m²) has been provided for their expansion needs.

The other two buildings on the property, which total an extent of 4 165m², are occupied by the Massbuild division, also part of the Massmart Group.

Ken Reynolds of Nedbank Corporate Property Finance said that Nedbank elected to finance the deal due to the strength of the developer, the calibre of the tenant and the excellent location of the property.

Tiber Construction (Pty) Ltd was started in South Africa in 1948.  It is a developer of good repute with the resources to successfully complete large developments.  Since its inception, it has followed a policy of pursuing quality, service and profitability as opposed to purely growth in turnover - a policy still maintained today.

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