Rabie Adds More Properties

RABIE Property Administrators (RPA), which has a portfolio under administration of more than R3.5 billion, has secured two new management contracts for buildings recently acquired by JSE-listed Ingenuity Property Investments.

The new contracts are for 142 Edward Street in Tygervalley and for the Food Lover’s Market in Claremont.

Situated diagonally opposite the Tygervalley Shopping Centre, 142 Edward Street consists of four floors of A grade offices with a total GLA of just over 2 600 sq m. The main tenants in the building, which is fully let, are Werksmans, a national firm of attorneys and Bigen Africa Services, a national firm of consulting engineers.

The property was recently acquired by Ingenuity Property Investments for R31.9 million and RPA’s management contract will kick in on transfer of the property scheduled for June this year.

The second building, the Food Lover’s Market on the corner of Vineyard Road and Dreyer Street, Claremont was recently purchased by Ingenuity Property Investments for R13.4 million. The RPA management contract on the 740 sq m building will come into place on transfer of the property to Ingenuity.

RPA director Leigh Metcalf says that when they started out their entire management portfolio was owned by the Rabie Property Group but in recent years they had grown considerably with third party clients now accounting for more than 50% of their portfolio.

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