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Press Release - Tongaat Hulett to release prime land in Umhlanga Ridge
Tongaat Hulett Limited
Registration number 1892/000610/06
Share code: TON
ISIN ZAE000096541
PRESS RELEASE - TONGAAT HULETT TO RELEASE PRIME LAND IN UMHLANGA
RIDGE FOR R12 BILLION REAL ESTATE INVESTMENT
Tongaat Hulett will release 42 of the remaining 62 hectares of Ridgeside, its iconic
development on Umhlanga Ridge, to the market as a single transaction in the first quarter of
2014. Located on the prime sea-facing slopes of Umhlanga Ridge, Durban’s first choice
office location and one of the leading property investment opportunities available, the site is
fully zoned to accommodate 485 000 square metres of mixed use floor area comprising
83 817 square metres of commercial space (offices, retail and other commercial uses) and
3 158 residential units (including hotel and other leisure uses).
Durban has been constrained relative to other major centres in prime real estate investment
during recent years and the strategy is to accelerate the pace of development in collaboration
with other role players.
“The transaction will allow a single investor or consortium to assemble a real estate asset
base in the most sought after location in KwaZulu-Natal that will on completion, exceed R12
billion”, says Mike Deighton the Tongaat Hulett property executive.
Since the commencement of land conversion on Umhlanga Ridge seventeen years ago, the
node has attracted over R50 billion in real estate investment, while currently 164 000 square
metres of development, representing more than R3,6 billion investment value is under
construction.
Tongaat Hulett CEO, Peter Staude concludes, “The timing is right for this mega property
transaction initiative to be undertaken, in order to maximise investment and further increase
the pace of development in the region, building on the investment platform already created.”
Amanzimnyama
Tongaat, KwaZulu-Natal
4 December 2013
Sponsor: Investec Bank Ltd
ENDS
Issued by: Tongaat Hulett
Michelle Jean-Louis
Communication Executive
Telephone: 083 386 3846
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