2013 - Maboneng Precinct

COMMITTED URBANIST, HOUSE AND GARDEN, MARCH 2013 18 NEDBANK BACKS JOHANNESBURG’S MABONENG DEVELOPMENT
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Support from Nedbank assists with the
growth of urban regeneration in downtown
Johannesburg
The conclusion of loan agreements in
excess of R85 million between Propertuity,
developers of the Maboneng Precinct,
and Nedbank Corporate Property Finance
have shown a new level of bank support
for the growing urban regeneration efforts
in downtown Johannesburg.
Nedbank has come on board with
Propertuity’s regeneration efforts,
financing acquisitions of a number of new
properties in The Maboneng Precinct
as the neighbourhood expands, as well
as financing a number of completed
developments.
The Maboneng Precinct, now an urban
neighbourhood spanning several city
blocks, began with the development of
Arts on Main in 2009. The neighbourhood
is now made up of over seven completed
developments, including Main Street
Life and the Halala award winning The
Main Change, and the developers’
property portfolio now totals 30 buildings
in the immediate area to be developed
over the next few years. Until recently,
Johannesburg’s leading regeneration
neighbourhood, The Maboneng Precinct,
has been completely funded by the private
sector. “The willingness of Nedbank to
come on board and back the regeneration
efforts marks a new phase of support of the
efforts. We believe that we have already
proven a sustainable and profitable model
with current developments in Maboneng,
and the support of senior debt finance
allows us to continue to grow this model,”
says Propertuity’s director, Eric Herr.
our commitment to the regeneration of
South Africa’s urban environments, which
we believe Maboneng has achieved
admirably.”
The properties financed by Nedbank
will all form part of the future growth of
Maboneng, and will be redeveloped in
line with what has already taken place in
Maboneng, attracting further businesses
and residents into the neighbourhood,
contributing to the already thriving local
economy and encouraging investment
from further individuals and businesses
into Johannesburg City.
Press contact:
brandmanager@mabonengprecinct.com
| www.mabonengprecinct.com
The Nedbank loans have been used to
fund single and multi tenanted commercial
and industrial properties in the area, and
the bank is currently looking at funding the
purchase of further properties. The first
loans were issued in September of 2012
and within the last six months, Nedbank
has significantly increased its lending in
the Precinct.
Says Ken Reynolds, Nedbank Corporate
Property Finance regional executive
for Gauteng, “Nedbank is proud to be
associated with the highly successful
Maboneng Precinct. The funding we
have provided to the project illustrates
2013