When Stanbic and Liberty among SAs biggest landlords merged their asset management companies in March into Stanlib (with R135bn in assets), Liberty chairman Roy Andersen said there would be no problem in providing them with offices. But there was.

Stanlib (Andersen is also its chairman) is locating its head office in 10000m premises in Johannesburgs Melrose Arch, which belongs to opposition property owner the Mines Pension Fund.

How could Liberty let R8,5m/year in rental income escape?

The good news is all our buildings are too full, says Liberty Life Properties MD Jim McLean. The best we could manage was 8000m in disparate parts of Sandton Square. Stanlib has to be in one office unit, so we have had to let it go.