Listed property shenanigans Author: Patrick Cairns There's an unpleasant undercurrent to corporate activity in the sector. CAPE TOWN – Late last week, the listed property sector's second biggest player, Redefine ( JSE:RDF ), announced that it would be acquiring the entire issued capital of Annuity . This added R2.1 billion worth of property to its portfolio, and included a R103 million payment for Annuity's management companies. Last year, the sector's biggest counter, Growthpoint ( JSE:GRT ), concluded a R1.3 billion takeover of Abseq. That deal also included taking over the Equity Estates property management company that was responsible for Abseq's assets.
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Deed office fraud to be investigated The special Investigating Unit (SIU) has been directed by President Jacob Zuma to investigate theft, fraud, corruption and maladministration in the lodging and processing of deeds on the deeds registration system at the deeds offices in Pretoria, Cape Town and Bloemfontein. This investigation forms part of a wider probe Zuma has asked the SIU to undertake into the affairs of the Department of Rural Development and Land Reform and the State Information Technology Agency (Sita) and its service providers. Last month Zuma directed the SIU to investigate, among other things, corruption, unlawful conduct, serious maladministration, unlawful expenditure of public money or property and intentional or negligent loss of public money or damage to public property.
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OH MY WORD! Here we go again. The Schubart Park Saga continues. Any avid reader of this Blog (if there are any) would realise that I am a long time advocate of the densification of our cities. It just makes economic sense. In my opinion, going UP makes far more sense than the urban sprawl that results from the construction of thousands of one-storey homes. Unfortunately, the Schubart Park experience is not a very good example for my contention and the failure to bring it to finality is a constant reminder of the negative aspects of "high-rise living". Gareth Shepperson Commercial and Property Attorney Pretoria landmark apartments demolition halted Tshwane has done an about-turn on Schubart Park flats. After insisting the four-block eye-sore will be demolished, the city will now refurbish the troubled high-density blocks of flats. Schubart Park flats which were going to be demolished are now going to be refurbished. The refurbishment will ent