V&A thrives in proudly South African hands
A feature in the 7-12 September 2012 issue of Financial Mail, reveals that Growthpoint has spent around R128-million over the past year on refurbishments and redevelopments at the V&A, and has committed a further R222,8-million for new developments.
Since Growthpoint Properties took over the V&A Waterfront, retail vacancies have declined from 11.8% to 4.6% and retail sales are up nearly 20% in the six months to June.
Growthpoint Properties bought the V&A Waterfront jointly with the Public Investment Corporation for R10-billion from Dubai World and London and Regional. The gains made by the South African real estate giant are a testament to the power of “local is lekker” – a key Etana value.
Growthpoint Properties is insured by Etana through Aon South Africa which highlights another of Etana’s core philosophies – business insurance through brokers.