Sycom disposes of Discovery building for R414m
2013-09-12 · Industrial Developments news
Sycom Property Fund (SYC) has agreed to sell the Discovery Building in Sandown‚ Sandton‚ to The Truzen 113 Trust for R413.9m‚ it said on Thursday.
The property has a single tenant‚ Discovery Health.
In June‚ Discovery indicated that its future needs for office space would be significantly greater than the area currently occupied in the property and its adjoining buildings.
Given the risk of Discovery vacating the property at the end of its current lease in March 2016‚ Sycom entered into discussions with Zenprop regarding the potential redevelopment of the property and its adjoining buildings.
The proceeds of the disposal would be used to fund future developments and acquisitions‚ Sycom said.
Get commercial property news by email
Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »
More in Industrial Developments news
- Growthpoint concludes 18-year industrial estate development with DPD Laser facility 2026-10-17
- Equites reports strong half-year performance as capital deployment accelerates in local logistics sector 2026-10-17
- Redefine and Abcon open "Nines at S&J" midi-unit industrial space for SMEs 2026-10-04
- Growthpoint's R392m Tecoma Park logistics park rises in Cornubia, Durban 2026-10-01
- Balwin estate to get man-made lagoon 2018-03-26
- Portfolio acquisition boosts Dipula asset value 2018-03-26