09 Oct 2012
Less than one year from today, Samsung South Africa will move into a new office building in Bryanston, Johannesburg, following Nedbank Corporate Property Finance’s recent approval of a R135 million finance facility to the Zenprop Group.
The loan will be used to fund the development by Zenprop of the first phase of a three building office park on vacant land they currently own in one of Bryanston’s prime commercial and retail areas.
The property group has already secured a lease for the office building with Samsung South Africa.
According to Ken Reynolds, regional executive of Nedbank Corporate Property Finance in Gauteng, the combination of a well established and experienced development team, a highly accessible property location, and a strong tenant to support the term of the lease made the decision to grant the loan facility a relatively easy one for Nedbank to make.
“As a long standing client of Nedbank Corporate Property Finance, Zenprop continues to demonstrate the robustness of its business model and the effectiveness of its growth strategy irrespective of the economic backdrop,” he explains.
Reynolds says all of this makes the group a valuable contributor to the stability of the commercial property market in South Africa and a solid developer with whom Nedbank can partner to further its own commitment to growing and strengthening this vital property sector.
Work has already commenced on the office development, which is located on William Nicol Drive adjacent to the popular new Nicol Way Shopping Centre.
When completed, the prime office development will comprise three separate office buildings with accompanying basements and parking facilities.
The Nedbank Corporate Property Finance loan covers the project costs for the building of the first office block and the construction of the basement of the planned second office building.
Together these two elements make up the first phase of the two-phase development.
Apart from strengthening the already excellent relationship that exists between Nedbank and Zenprop, this latest loan builds on Nedbank Corporate Property Finance’s strong position as a market leader in commercial property, not just in the Gauteng region, but across the country, he adds.
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