Standard Bank Supports Growth In The Industrial Real Estate Sector
Standard Bank Supports Growth In The Industrial Real Estate Sector. Standard Bank has provided land, infrastructure and top structure funding for a joint venture between Atterbury Group and Old Mutual Properties to develop 2 high-quality industrial business parks in the Western Cape.
Funding for the King Air Industria (KAI) and Richmond Park (RP) logistics parks in the Western Cape totals in excess of R1 billion and includes R180 million for land acquisition, R200 million for infrastructure and R123 million for top structure development at KAI and R686 million for top structure development at RP.
Atterbury Group and Old Mutual Properties are 2 of South Africa’s foremost property development companies. Since 2016, they have been partners in a joint venture, developing commercial and industrial properties in Johannesburg and Cape Town. Standard Bank Group Limited is a major South African bank and financial services group. It is Africa’s biggest lender by assets. The company’s corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg.
Through its ongoing provision of funding, sectoral insight and regional knowledge to this joint venture and other projects, Standard Bank has provided significant support to the growth of the logistics sector in-particular in the Western Cape. The establishment of these 2 quality industrial parks will continue to attract high-quality tenants, creating growth and jobs and improving the economic output of the region.
