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Case Study

Sale of Philips Building

Disposal of asset with vacant possession by way of private tender
Customised solution

Granted a sole mandate to dispose of Philips’ warehouse with vacant possession, we proposed to do this by way of private tender and approached the City of Johannesburg who occupied and owned the property adjacent to the Philips building.

Time constraints and minor delays had to be overcome with stringent investment and sign off criteria an important aspect of dealing with a government department.

Results

Fully understanding the seller’s and buyer’s requirements allowed us to negotiate a price that was in excess of the seller’s expectation, but on a square metre basis, it worked out at less than 50% of the cost to build. Both the buyer and seller were satisfied.

 

Client Profile

Industry: Electronics
Geography: South Africa
Space: 16,719m²
Value: R50 million
Length of relationship: 1 year
Services provided: Capital Markets

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