Tuesday, 01 September 2020 18:26

Realising the potential of embattled Cape York

Previously owned by the Bank of Mozambique and abandoned, Cape York had been hijacked and fraudulently sold, with several “owners” allowing it to become severely overcrowded and collecting rent illegally.

JSE listed diversified real estate investment trust Redefine Properties (JSE: RDF) along with equity partners Madison International Realty and Griffin Real Estate in European Logistics Investment BV  and in joint venture with its strategic development partner Panattoni Europe.

Shoppers slowly began returning to shopping centres and malls after lockdown restrictions were eased slightly on May 1 and activity is expected to pick up further when the country moves to level 3 lockdown  from June 1 says Fortress REIT, the owner of 60 malls across South Africa.

During the Corona Crisis-related lockdowns, many residential rental tenants would have seen their incomes decline sharply, and in certain instances even drop to zero.

The Moody’s downgrade of South Africa’s credit rating should have happened long ago.

With the South African Reserve Bank’s announcement of interest rates cut of 100 basis points and earlier transfer duty exemption for properties below R1 million by the Minister of Finance, local regulations have made it attractive for first-time home buyers to enter the market.

Against the backdrop of the unprecedented times we find ourselves in, today’s (19 March 2020) decision by the Monetary Policy Committee to reduce the repo rate by 100bps is a critical step towards financial survival.

The coronavirus outbreak has rapidly approached global pandemic levels, and given the knock-on effects of the virus on economic growth, the fireworks in markets were inevitable.

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