Property Group positioned to scale new heights

Posted On Tuesday, 07 December 2004 02:00 Published by
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A buyout of Corovest’s interest in property asset management company Corovest-NIB (‘Coronib’) has resulted in a change in the company structure and rebranding to Grapnel Property Group.

A buyout of Corovest’s interest in property asset management company Corovest-NIB (‘Coronib’) has resulted in a change in the company structure and rebranding to Grapnel Property Group.

Shareholders in Grapnel are management (60%) and Nedbank (40%).

Grapnel Property Group, with approximately R2 billion assets under management, will be the umbrella company of operating entities Grapnel Fund Managers, Grapnel Property Development, Grapnel Property Investments and Grapnel Property Managers.

“The acquisition by management of the additional stake in Coronib in conjunction with Nedbank has necessitated a re-branding of the business” said managing director Gerald Nelson.  In addition this has created the opportunity to segregate the business into distinct operating entities providing a full spectrum of property services.

The board will comprise executive management of Gerald Nelson, Chris Fleming and Dave Setzkorn, whilst Frank Berkeley and Ken Reynolds will be non-executive directors representing the Nedbank interests.

Grapnel Fund Managers will carry on as asset manager of blue chip property unit trust Sycom.

Grapnel Property Development will continue to develop largely pre-let office and retail projects and provide a development service for Grapnel’s property funds under management. Augmenting its basket of services, Grapnel Property Managers will perform the management of a select portfolio of properties.

In addition to its active management of Sycom’s assets, the Grapnel team has successfully grown Coronib’s assets under management from R600 million at its inception in September 1999 to around R2,0 billion at present.

Office development projects to date include the 6 200m² Accenture head office, the 10 500m² Ericsson building and the 6 000m² building for 3M which was developed in joint venture with Zenprop, all in Woodmead, Sandton.  In addition Grapnel has just concluded an agreement to develop a new 5 000m² building for Cadbury (Pty) Limited.

It recently facilitated the acquisition and development of the 15 500m² SHG building on the Cape Town foreshore near the new Convention Centre and the major refurbishment of Sycom’s ageing FNB and Boart buildings in Fredman Drive, Sandton, to provide 22 500m² of A-grade accommodation for Discovery Health.

In respect of retail development Grapnel is currently jointly developing the 34 000m² Paarl Mall due for completion in October 2005 and has just completed the 18 000m² extension of Somerset Mall of which Sycom is a co-owner. On behalf of Sycom, Grapnel will also be overseeing the development of the 50 000m² Vaal Mall in which Sycom is the lead funder.


For further information, please contact:

Gerald Nelson


Tel.      011 775 6419

Publisher: Grapnel Property Group
Source: Grapnel Property Group

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