Cape-based Fund buys Standard Bank building

Billy Latham - JHI Real Estate
Landmark La Lucia ridge property, the Standard Bank building has been bought for R38-million as a strategic acquisition by Cape-based Paramount Property Fund.

This is the second time the property has changed hands in eighteen months through JHI Real Estate broker, Billy Latham. "The sale is indicative of the huge hunt and competition between funds for quality properties," says Latham. "There is very little stock on the market and funds need to grow," he says.

Director of Paramount Properties, Arnold Maresky says the deal is in line with the company’s strategic drive to build its Kwa-Zulu Natal portfolio.

Paramount has a diverse portfolio with property holdings of around R2,4-billion located mostly in Cape Town and Johannesburg.

The four-storey Standard Bank building was built in 2002 for Standard Bank's retail division and totals some 3 300 sqm of prime retail and office accommodation.
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