The City of Cape Town’s commitment to offsetting loadshedding is becoming an increasingly important consideration. Moneyweb property
South Africa’s biggest property owners are increasingly reducing their exposure to Gauteng and shifting their focus to the Western Cape. This mirrors the entrenched trend to ‘semigration’ where those with the means have been steadily relocating to Cape Town or the Garden Route from other parts of the country.
Province gives up land around Cape Town’s notorious unfinished freeway Specifically, Growthpoint says its strategy is to expand its “Western Cape office portfolio in growth nodes”. Currently about a quarter of its office portfolio is in that province. In last month’s results presentation for the first half of FY23, the group says it will “reduce office exposure in non-performing nodes in Gauteng and increase exposure in the Western Cape”.
Read the AG’s report before you invest in a municipality, says Sapoa CEO Increasingly, the ability of the City of Cape Town to offset load shedding somewhat, together with a plausible plan to procure additional power, is a major consideration. Spear Reit CEO Quintin Rossi told Moneyweb earlier this year about one thing that’s “very attractive” about the Western Cape when it comes to the City of Cape Town grid “there is a general undertaking from the city”.
What’s in store for SA’s commercial property sector in 2023? Spear Reit itself spotted this trend well before other funds on the JSE. It listed in 2016 with the aim of investing in real estate across the three major sectors, while maintaining “a strict Western Cape focus with a Cape Town bias”.
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