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03 July 2003
Standard Bank has sold its Cape Town foreshore building to property loan stock company Redefine Income Fund for R218 million.
The 58 600 square metre Standard Bank Centre, situated in Heerengracht Tower in Adderley Street, is head office for the bank's Cape Town operations. The bank, which occupies 41% of the building, will continue to rent the premises.
Says Stewart Shaw-Taylor, Managing Director Standard Bank Property Finance: "We review our property portfolio on an ongoing basis and believe that the time was right to sell our foreshore property to get the best investment value. The sale will release capital which can be better used within the group."
He said that Standard Bank had entered into a long-term lease agreement with Redefine Income Fund. Standard Bank retains naming rights of the building.
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