white bar

SUBSIDIARY NAME

UMhlanga City Development

COUNTRY

SOUTH AFRICA

SECTOR/ INDUSTRY

REAL ESTATE

OWNERSHIP %

70% IIB-DG

ACQUISITION DATE

August 16, 2022

ACQUISITION VALUATION

750 MILLION

TOTAL ASSET VALUATION

7.5 BILLION

REAL ESTATE

UMhlanga City Development by Architectural Workshop CC t/a ARCHITECT acquired on August 16, 2022 for development of 253, 469 m² and build 9 to 12 stories high buildings.

UMHLANGA ARCHES will form the new nucleus of the proposed expanded “UMHLANGA CITY”, with the following potential adjoining development projects, which are all subject to and under discussion with the relevant owners / authorities: – I. UMHLANGA JUNCTION – The potential development of the prominently exposed 9,980m² oval site within the uMhlanga Ridge Boulevard road-island, offering 29,940m² development rights with a maximum height of 17 stories. The new BRT Station is a prerequisite for the first basement level, with the option to develop 2 levels of retail (or Entertainment Centre) with two tower blocks of 15 stories straddling Twilight Drive (for either a traveler hotel and/or offices). It is proposed to establish an iconic building complex as the new International Trade / Business / Investment Exchange for the African Continent. II. UMHLANGA ENTERTAINMENT PARK – The possible development of the 41,061m² public park, owned by the EThekwini Municipality, as a multi-tiered “activity & entertainment” park, with a commercial lease / concession and management agreement, strategically viewed as a “community benefit”. III. UMHLANGA EDU-TAINMENT CENTRE – The potential purchase of the individual sites directly north of UMHLANGA ARCHES, and the consolidation into a new 16,206m² mixed-use zone site for the development of a dedicated commercially operated Ed-tainment Centre for the benefit of all communities. IV. UMHLANGA INTERNATIONAL EXPO CENTRE – The possible joint venture development with the EThekwini Municipality of their 48,569m² public open space bordered by Centenary Boulevard / Twilight / Zenith Drive, to establish an indoor and outdoor INTERNATIONAL EXPO for the uMhlanga CBD, serving the Northern EThekwini Metro / KZN North Coast as well as being a Gateway to Africa.

white bar