The sale and leaseback transaction was completed with related companies Avid Brands (Pty) Ltd, which sold the properties to Amdec, and Nutrihealth Africa (Pty) Ltd, which will occupy the buildings in terms of a five-year triple-net head lease.

Together the sites comprise 6,200m2 with a gross lettable area of nearly 3,100m2 serviced by 60 parking bays. The double-storey buildings feature office space of approximately 1,800m2 in the front with double volume warehouse space at the rear of some 1,300m2.

In addition to the perimeter palisade fencing around the two buildings, they also benefit from the popular industrial park’s security including access and egress control.

“These are quality properties that are ideally located within a landmark business park in a growing node and occupied by a good tenant. These factors all contribute to establishing the buildings as property assets that will enhance Amdec’s portfolio of investment properties,” points out Tertius van Dijk, Investment Manager for Amdec.

Standard Bank provided the finance for the transaction. According to Tshepo Dhlamini, Structured Finance Manager for the Standard Bank Property Finance Division, the underlying value of the property together with its relationship with key client Amdec motivated the financing of this transaction. “Standard Bank supported the transaction based on the pricing of the deal, and based on the fact that it was Amdec standing behind the deal,” says Dhlamini who believes that the financier’s relationship with Amdec has potential for continued growth.

Amdec is one of South Africa’s leading property development, investment and project management specialist firms. With almost 20 years of industry experience and a current development portfolio in excess of R4,5 billion, Amdec ranks as one of the country’s biggest private property developers. The company has grown from its origins as an entrepreneurial family business into a national concern active in almost all sectors of property development with projects in the Western Cape, Gauteng, Kwazulu-Natal and Eastern Cape.

In October 2006 Amdec announced that it would be further expanding its business in Gauteng and is currently undertaking several key developments in the region in addition to the various investment properties it has acquired in its growing portfolio.

Amdec owns 50% of Melrose Arch Development Company and is also the appointed development manager for Melrose Arch, driving the roll out of all development projects on the prestigious multi-use precinct.