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Akhona wins deal to manage JDA portfolio

Posted On Friday, 10 February 2006 02:00 Published by
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EMPOWERMENT property manager Akhona Properties said yesterday that it had been awarded a contract to manage the Johannesburg Development Agency’s (JDA) property portfolio

Nick Wilson

Property Correspondent

EMPOWERMENT property manager Akhona Properties said yesterday that it had been awarded a contract to manage the Johannesburg Development Agency’s (JDA) property portfolio after its successful management of the group’s 1 Central Place commercial building in Newtown.

The deal will be a significant boost for Akhona’s profile.

The two-year-old company, 95% black owned and 100% owned by women, has already managed to secure a total property portfolio of more than R1bn under management in the past year.

The JDA portfolio consists of some of Johannesburg’s landmark properties, such as the Constitutional Hill development, the Blue IQ building and the entire Newtown Precinct including the Nelson Mandela Bridge.

Akhona CEO Noluthando Gosa said the value of the JDA property portfolio had not yet been disclosed.

She said Akhona’s job would be, among other things, collecting rentals and managing the JDA’s event venues such as the Bus Factory and Bassline.

Gosa said the JDA had put out a tender last year looking for managers for 1 Central Place, which includes Kaya FM as one of its tenants.

“It (the management contract for Central Place) was a fiercely contended tender,” she said.

“Akhona won that tender. What has subsequently happened is that JDA is happy with the work Akhona has done and with the whole concept of outsourcing the management of the properties to a specialist property manager.”

Gosa said the more than R1bn portfolio under management, secured over the past 12 months, included properties that Akhona was managing with other partners.

Other significant contracts awarded to Akhona since its inception include securing a portion of the management of Public Investment Commissioner’s Gauteng property portfolio, providing property advisory services to the foreign affairs department and the management of the 80000m² Southgate Mall near Soweto.

Akhona is one of the five economic empowerment groups that make up the Buhlobo Consortium, which, together with other partners, recently bought a 25% interest in the listed Vukile Property Fund.

Gosa said one reason for the company’s success was its “willingness to work with strategic partners in building internal capacity and skills”.

“On the commercial, industrial and retail side we work closely with Broll Property Group,” she said, “and it has proven to be a symbiotic relationship where we add value to each other.”

She said the company was also pursuing other opportunities.


Publisher: Business Day
Source: Business Day
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