Property investment and development fund Pivotal has concluded an agreement to buy a further 5.86% stake in the Monte Circle Office Park from the trustees of Palm Trust for R16.4-million.
The acquisition, effective September 1, was in line with Pivotal’s strategy of investing in well located precinct developments, which, once developed, would grow the company’s asset base and ensure a steady supply of A-grade properties in its portfolio.
Pivotal already held an 11.7% interest in Monte Circle Office Park, with the acquisition increasing its stake in the office park to 17.56%. The Monte Circle Office Park is a proposed new 56,000-m2 office development, located directly opposite the Montecasino entertainment hub.
Construction of the first 5,253 m2 of the property was expected to be completed on October 1, with trading expected to start a month later.
