Posted on March 14, 2023
JSE-listed Growthpoint Properties has acquired a 13 870 m2 prime logistics property in Keystone Park in Hammarsdale, KwaZulu-Natal, for R136-million, furthering the rebalancing of its sizable industrial property portfolio.
Featuring efficient, modern, new-build specifications, Growthpoint’s latest industrial asset is let to specialised food packaging provider, Malda Pack, and butchery supplier, Exim International. The property transferred to Growthpoint in late December.
“We are pleased to conclude this acquisition in a secure logistics park with good-quality tenants and suitable infrastructure at a time when KwaZulu-Natal and Cape Town are proving to be relatively more attractive business destinations than other regions.
“The acquisition furthers our goal to improve our asset base by developing and acquiring premium properties in high-demand industrial nodes,” says Growthpoint Asset Management: Industrial head Errol Taylor.
Keystone Park is a 152 ha secure logistics precinct situated at the Hammarsdale Interchange of the N3 highway. It is in a major hub for national distribution from the Durban port with direct access to the main logistics corridor connecting Durban, Pietermaritzburg, the inland container port at Cato Ridge and Johannesburg, Growthpoint outlines.
The quality and location of this logistics park have attracted other big names like Pepkor and Mr Price, it adds.
While this is Growthpoint’s first investment asset in Hammarsdale, the property company it is well-versed in the advantages of this location, with Growthpoint’s industrial development team having recently produced the award-winning property for Bakers Transport not far from Keystone Park.
Growthpoint also recently started the R180-million development of Phase 2 of Trade Park, a prime industrial park in the Mount Edgecombe industrial precinct in KwaZulu-Natal, north of Durban.
