Inospace Announces The Acquisition Of The 44th Logistics Park In Montague Gardens

Inospace Announces The Acquisition Of The 44th Logistics Park In Montague Gardens. Inospace has announced that it had concluded an agreement to acquire Creation Park, from a private property fund, for R11.9 million.

The industrial-zoned park is a modern 15,490 square metre multi-let property situated at the entrance to Century City. Inospace’s assets are now worth about R2,5bn, after its recent announcement of a R1,25bn transaction with Fortress REIT, which injected R640m into the company’s niched property platform. Creation Park, soon to be renamed Creation Works, will be repositioned into a last-mile delivery logistics park.

The property, situated on 26, 298 square metres of land, has 38 units and is let to 28 businesses. It will be repositioned, rebranded, refurbished, and fully serviced with additional value-added products. It will then be integrated into the company’s network., Cape Town Regional Director, Jacques Weber, said in a statement, the acquisition has enhanced the group’s strong Cape Town urban portfolio. “Creation Park is a strong asset located in a key urban location 15km from both central Cape Town and Tyger Valley. It is a perfect suburb for last-mile delivery and an area we have been trying to enter for two years” explained Weber in a statement.

Inospace has seen significant demand for its unique combination of warehouse, stlrge, and workspace over the last twelve months. Throughout 2021, strong e-commerce sales combined with supply chain challenges fuelled demand for space in the industrial sector, especially for warehouse and logistics spaces. And this demand continues to outpace supply. The national vacancy rate for industrial property now stands in the low single-digit percentages.

By Thomas Chiothamisi