ContentsARCHITECTURE

2 FacebookPrinevilleDataCenterbySheehanPartners

4 GroupeScolaireNormandie-NiemenbyGaetanLePenhuelArchitectes

6 Architecturalvisionrewarded

BUILDING

7 GreenbuildingsontheriseinPersianGulfstates

8 Vodacom’sinnovationsitewinsgreenstaraward

9 Constructionconfidencehitsthree-yearhigh

DECOR

10 GorgeousPrefabWestcliffPavilionHomeBoastsaFloatingStoneWall

13 Middelburgmallfeaturesthoughtfularchitecture

PROPERTY

14 Bryanstonofficespacedemandsurges

15 DemandForPaarlCommercialAndIndustrialProperty

16 GrowthpointbidforFountainheadheadingforfinanceboard

Vol. 1 - October 30th, 2012

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Facebook Prineville Data Center by Sheehan PartnersWhen Facebook users post photos or status updates, data seemingly drifts into the “cloud,” which is not exactly an ethereal place, but rather a complex data center housing racks of servers using as much energy as a small town. Defying this energy-draining typology, the Facebook Prineville Data Center in central Oregon has achieved LEED Gold status through advanced technologies, includ-ing an innovative mechanical equipment penthouse and evaporative cooling system, all while keep-ing data flowing and providing pleasant workspaces.

Duetosecurityrequirements,datacentersaretypicallyfortress-like.ForFacebook,acompanythatpridesitselfonopenness,thearchitectscreatedaprominentbuildingthatharmonizeswithitshighdesertlandscape.Theperme-ableyetsecureperimeteriscladinwarm-tonedprecastconcretepanels,corrugatedsteelandlayeredglazing.“Peo-plespaces,”includingconferenceroomsandworkspaces,openontoaninteriorcourtyard.Infact,everyemployeeenjoysviewsandnaturallightfromatleasttwodirections.

ARCHITECTURE: OREGON

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Thefacilityexpendszeroenergytowardsmechanicalcooling.Com-puterequipmentroomsandthemechanicalpenthousetogetherfunctionasanoccupiedairhandler.Fanwallspullindrydesertairfromoutside,andthenmistersinjectmoistureanddropthetem-peratureseveraldegreestokeepserversfunctioningproperly.TheFacebookPrinevilleDataCenterisalittlecloud-like,afterall.

Toreachthestatusasoneoftheworld’smostenergyefficientdatacenters,nottomentionrigorousLEEDGoldrequirements,thedesignersoftheFacebookPrinevilleDataCenterhadtorethinkeverypartofadatacenter’sbuilding,mechanical,electrical,andcomputingsystemsandremoveeverythingthatdidn’tdirectlybenefitefficiency.Theremainingsystemelementshadtooperateinconcert,fromprocessorstofanwallstoevaporativemisterstodampercontrols.

Powerusagewascutateveryopportunity,resultinginabuildingthatruns38%moreefficientlythanotherstate-of-the-artdatacentersyetcost24%lesstoconstruct.Adatacenter’sefficiencyisdeterminedbyitspowerusageeffectivenessratio(PUE),whichmeasuresthetotalenergyconsumptiondividedbytheconsumptionforthecomputerequipment.Anidealratiois1.0,andtheEPA-de-finedindustrystate-of-the-artratingis1.5.Basedontheresultsofpreliminarytests,thePrinevillefacilityhasachievedanear-perfectscoreof1.07PUE.

Inadditiontotheimpressivestatisticsdocumentingtheenergyeffi-ciencyoftheFacebookPrinevilleDataCenter,othersustainablefea-turesincludetheincorporationoflow-VOCmaterials,solarpanelarrays,andarainwaterstoragetankwithintheinteriorcourtyardthatsatisfiesirrigationneedsandsupplieswaterfortoilets.

http://www.archdaily.com/285237/facebook-prineville-data-center-shee-han-partners/

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ARCHITECTURE: FRANCE

Groupe Scolaire Normandie-Niemen by Gaetan Le Penhuel ArchitectesThe area is characterized by an urban typology of periphery of the city center marked by the presence of vast estate of dwellings. The project is a real element of animation and redevelopment within the district.

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Creatingasharedsquarenearbytheschoolcomplex,themultipurposehallandthegymnasiumleadstoatransitionspacebetweenthepublicroadandthebuildings,generatingameetingspaceforparentsandresidents.

Theselocalfacilitiesgiveimpetustothedevelopmentofthedistrictand,therefore,mustassertitselfasqualitycontem-porarybuildings.

ThesquarefromtheMartinLutherKingAvenueisstruc-turedtodistributeallprograms:multipurposehall,gym-nasium,kindergarten,elementaryschool,recreationcenter.Thehilljustextendtoencompassthehall.Aplantedpatioseparatestheentrancestothetwoschoolsandvisuallyconnectsthesquaretotheslopeoftheneigh-boringparcels.Itseemedimportanttomaintaintransparen-

cytotheextensivegreenspace,strongelementsofthesite.

Eachentityhasitsowncleanoperation,andiscompletelyindependentfromtherestwithitsoutdoorspacesandgardens.Thevariedviewsandatmospheresweofferfordifferentprogramscontributetostrengthenthesenseofevolutionwithinthesamesite.

Itisforustocreateaprojectinharmonywiththeland-scapequalityofthesite,whileaffirmingthepublicaimofthebuilding,whichalsomustrespondtoatrouble‐freeoperation.

http://www.archdaily.com/283998/groupe-scolaire-normandie-niemen-gaetan-le-penhuel-architectes/

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During the month of September, Cape Town played host to the Architecture ZA 2012 Biennial Festival, culminating in the 2011- 2012 Corobrik-SAIA-SA Institute of Architect’s Awards of Excellence and Merit.

Thefestivalthemeof“RescriptingArchitecture”wasaimedatpractisingarchitects,aswellasstudentswhoattendedtheAnnualStudentCongress.Eventtopicsrangedfromaddingvaluetowardsbuildingrealcommunities,totheimprove-mentofthepooranddisadvantaged,aswellasthatofcreat-ingmoresustainableurbanenvironments.

Inaddressingtheaudience,outgoingSAIApresidentFanuelMotsepesaid:“Goodarchitectshavethesensibilitytodesignspacesthatadvancelifestyles,whilebeingsensi-tivetotheenvironmentandmindfulofpromotinghealthysocialvalues.”Inhisview,architectureinSAiscementingitsconfidenceasaglobalroleplayer.Motsepesaidthatlocalarchitecturehadclearlymatured,confidentlyandconvinc-ingly,outoftheyearsofisolation.

WorksofarchitecturearepresentedbythevariousregionalinstitutesaffiliatedtoSAIA,whiletheCorobrik-SAIAAwardsofMeritarebestowedtoencourageandrecognisegooddesignorasignificantcontributioninthefieldofarchitecture.

Twooftheeightawardswenttoresidentialprojectdesigns,namelyStefanAntoniOlmesdahlTruenArchitects(SA-OTA)foranewhousebuiltinHermanus,andMellet&HumanArchitectswhoreceivedanawardofexcellencefor

anewresidencebuiltinGroenkloof,Pretoria.

SAOTAreceivedtheexcellenceawardforthejointdesignbyStefanAntoniandRichardTownsendforthedesignofafamilybeachhousebuiltonavacantsiteatVoelklipinHermanus.

Thejudgessaid:“Thisholidayhomeisanarchitecturalmarvelinthedesigningenuityapplied—itbefitstheidiom‘godisinthedetail’bytheassemblagesensitivityandcrispclarityofconstructionthatiscarriedthroughouttheentirestructure.”Apartfromthesheerqualityofhowthedifferentspacesareinterrelated,oneofthemostsuccessfulaspectsofthisbuildingisitsrelationshiptotheoutdoors,theysaid.

TheawardseveningalsosawthewelcomingofincomingSAIApresidentSindileNgonyama,whoisbasedattheregionalofficeofEastLondon,whoexpressedhisgratitudeforbeinghonouredinthisroleofupholdingstandardsinSA’sworldofarchitecture.

Inhisaddressheemphasisedtheinstitute’sroleinpromot-ingandmaintainingthearchitecturalenvironment,andinpreservingthecountry’sculturalheritageforfuturegenera-tions.

TheincomingSAIAvice-presidentisNinaSaunders,fromtheKwaZulu-Natalregionaloffice.

http://www.bdlive.co.za/business/property/2012/09/28/cape-news-architectural-vision-rewarded

Architectural vision rewarded

ARCHITECTURE: SOUTH AFRICA

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Green buildings on the rise in Persian Gulf states With massive steel Sidra trees sprouting from the base of the building and a 9-meter (yard) high sculpture of a spider in the lobby protecting a sack of grey and white eggs, Qatar National Convention Center is hard to ignore.

GreenbuildingswouldseemanoddityinthistinyGulfnation,whichhasplentyofoilandgasand,accordingtotheInternationalEnergyAgency,thehighestpercapitaemissionsintheworld,closelyfollowedbyGulfneighborsKuwait,BahrainandtheUnitedArabEmirates.

ButattitudesaboutenergyusearechangingacrosstheGulf.Thereisagrowingrecognitionthattheonceseeminglylimitlessfossilfuelswillsomedayrunoutandthatthesecountriesneedtochartamoresustainablepath.

Buildingsarealogicalplacetostart.Theyconsumeupto70percentofenergyinpartsoftheGulf,comparedto40percentworldwide,duetothepreponderanceofglassskyscrapersandbrutallyhotconditionsfromDubaitotheSaudicityofJeddah,accordingtoThomBohlen,chieftechnicalofficerfortheMiddleEastCentreforSustainableDevelopment.

WhenitcomestobuildingsintheworksthataretryingtoearnLEEDstatus,theMiddleEastisamongtheleaders.Ithas1,348LEED-registeredbuildings,whichsurpassesallbutAsiaandtheUnitedStates.

DubaiintheUAEishometooneoftheregion’sfirstgreen

shoppingmallsandisbuildinganeco-friendlymosquein2013.

InSaudiArabia,authoritieshaveappliedforLEEDcertifi-cationfortheKingAbdullahFinancialDistrictinRiyadh,whichwillbehometothecountry’sstockexchange.Thenation’sfirstLEED-certifiedproject,the26-buildingcam-pusoftheKingAbdullahUniversityofScienceandTech-nology,openedin2009andrecyclesallitswastewater,uses27percentlessenergythanatypicalcampusandwasbuiltwith20percentrecycledcontent.

Mostofthesegreenbuildingsrelyon21stcenturysolu-tionstoreducetheirfootprint-hightechoperatingsystemsthatrationelectricityandpower,additionalinsulationandthickerglasstoreduceheatcomingintothebuildinganddesignsthatorientthestructuretolimitthesunexposure.

Thechallengenow,expertssay,isgoingbeyondahandfulofhighprofileprojectsandapplyinggreenbuildingpractic-estothebulkofGulfconstruction-suchaslow-riseofficetowersorresidentialhousingprojects.

Todothat,governmentsintheregionwillhavetomakegreenbuildingcodescompulsorymostarenowvoluntaryandprovidegreaterincentivesfordeveloperstobuildorretrofitmoresustainably.

http://nwww.koreaherald.com/view.php?ud=20121025000630

SolarpanelsareseenontheroofoftheQatarNationalConventionCenterinDoha,Qatar.Fromthesustainablyloggedwoodusedinitsconstructiontothe3,500squaremetersofsolar

panelsontheroof,thebuildingdesignedbyJapanesearchitectArataIsozakiisconsideredoneofthemostenvironmentally

soundconventioncentersintheworld.

BUILDING: MIDDLE EAST

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Vodacom’s innovation site wins green star awardJSE-listed Vodacom’s Vodafone Site Solution Innovation Centre on Wednesday evening received the Green Building Council of South Africa’s (GBCSA’s) Highest Scoring Green Star Project 2008 to 2012 award.

Thesix-starGreenStarSA-ratedbuilding,basedatthegroup’sheadoffice,inMidrand,receivedtheaccoladeow-ingtoitswater,energyandemissionsefficiency.

TheR24-millioncentrehousesateamofengineersinvesti-gatingmethodsofreducingthetelecommunicationgroup’scarbonfootprint,inlinewithitsaimofreducingitscarbonemissionsby5%ayearuntil2014.Theteamwasalsoresponsibleforimplementingadditionalcostefficienciesthroughtheadoptionofsustainablepracticesorganisation,thecompanysaidinastatement.

“Weallhavearesponsibilitytowardsensuringthesus-tainabilityofourcommunities,countryandplanet.TheInnovationCentre,andwhatitaimstoachieve,isacriticalcomponentofthatphilosophy,”saidVodacomchiefofficerofcorporateaffairsMayaMakanjee.

GBCSACEOBrianWilkinsonnotedthattheproject–thefirstthathasreachedthislevelinSouthAfrica–dealtwithsustainabilityineveryrespecttominimisetheimpactofthebuildingontheenvironment.

Thetelecommunicationsgroupwasalsoconsideringop-tionsforachievingfurtherbenefitsbeyondcuttingoperat-ingcostsandcarbondioxideemissionsfromitsnetworkandwas,forinstance,pilotingasolarbasestationthatalsoprovidedgreenpowertothelocalcommunity.

ParentgroupVodafonehasbeenrollingoutanumberofgreeninnovations,includingamoreefficienthybridgenera-torcalledthe‘powercube’andtheuseofslim-linesolarfilmasanalternativetosolarpanelsforbasestationsinurbanareaswithlimitedspace.

http://www.engineeringnews.co.za/article/vodacoms-innovation-site-wins-green-star-award-2012-10-25

BUILDING: SOUTH AFRICA

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Construction confidence hits three-year high The recovery in the construction sector gained mo-mentum in the third quarter with confidence rising to its highest level in three years.

TheFNB/BureauforEconomicResearch(BER)construc-tionconfidenceindeximprovedbyfourindexpointsto42inthequarter.

Thisindicatesthat42percentofrespondentsweresatis-fiedwithprevailingbusinessconditionscomparedwith38percentinthepreviousquarterandthecyclicallowof21inthefirstandthirdquartersoflastyear.

FNB/BERsaidconditionsinthecivilconstructionsectorhadimprovedsignificantlyoverthepastfewquartersandthiswaslikelytocontinueasconstructionworkincreased.Thenumberofpeopleemployedbyconstructioncompa-nieshadalsoincreasedinresponsetotherisingactivitylevels,itsaid.

However,thepaceoftherecoverydependedonthepublicsector’sabilitytorealisespendingontheircapitalexpendi-turebudgets,whichinsomespheresofthegovernmentremainedaproblem.

FNBchiefeconomistCeesBruggemanssaidthattherecentdowngradingofSouthAfrica’screditratingwouldhavean

effectonthegovernment’splannedinfrastructuredevelop-mentprogrammebecausethisprogrammehadtodowithraisingfinancesandfundinginfrastructure.

Thesustainedriseinactivityhadprovidedconstructionfirmswithsomeadditionalroomtoincreasetenderingpriceswhilecompetitionforworkalsoeasedslightlyduringthethirdquarter.However,FNB/BERsaidprofitabilitycameunderrenewedpressuredespitetheincreaseinactivityandmorerelaxedcompetitiveenvironment.

Bruggemanssaidinputpriceswererisingfasterthantender-ingprices,whichhadcontinuedtosqueezeprofitmarginsduringthethirdquarter.

FNB/BERsaidtheimprovementinactivitylevelshadledtosomeconstraints,particularlyashortageofskilledlabour,whichwasaconcernforanumberoffirms.

Althoughconstructionactivityhadconsistentlyimprovedoverthepasttwoyears,thegrowthinactivityratchetedupmoresignificantlyoverthelastsixmonths,FNB/BERsaid.

Thishighergrowthcamefromanumberofsources,includ-ingprovincialspendingoncapitalprojects,whichwasdominatedbyroadandwaterinfrastructureprojects,andcontinuedcapitaloutlaysbyEskomontheMedupi,KusileandIngulapowerstations,withconstructionactivityalsosupportedbyongoingcapitalexpenditurebyTransnet.

http://www.iol.co.za/business/business-news/construction-confi-dence-hits-three-year-high-1.1404519#.UIlb12lrYsw

BUILDING: SOUTH AFRICA

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Gorgeous Prefab Westcliff Pavilion Home Boasts a Floating Stone Wall South African architecture has deep roots in using natural materials and climate-smart design - roots that GASS Architects both draw upon and advance with this gorgeous prefab Westcliff Pavil-ion outside of Johannesburg.

Theverdantsiteisreachedbyalongandnarrowdrivewaythattraversesnumerousotherproperties,soitwasimperativetominimizetheoveralldisturbancebothtothesiteandtotheneighbors-whichiswhythecottageisframedinsteel.

http://inhabitat.com/gorgeous-prefab-westcliff-pavilion-home-boasts-a-floating-stone-wall-in-south-africa/

DECOR: JOHANNESBURG

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Middelburg mall features thoughtful architecture Designed by MDS Architecture for developers Flanagan & Gerard and the Moolman Group, the design concept of Middelburg Mall suggests mining and farming elements that are typical of the area.

TheMalloffers43000m2ofGLAonasinglelevelandhaspotentialforfurtherexpansion.Itoffers94shopsthatareanchoredbyretailgiantsCheckers,Woolworths,Edgars,PicknPayandGame.OverhalfamillionshoppersvisitedMiddelburgMallwithinthefirstthreeweeksofopening-aconvincingindicatorofthepotentialongoingsuccessofthemall.

Thefrontentrancesofthemallfeatureexposedsteelandstructuralconcrete.Fromtheoutside,theoff-shuttercon-creteframestheexposedtrusses,creatinganeye-catchingportico.Rotatingglassdoorsservetominimisedraughtanddustpenetrationwhilstkeepingtheentranceslight-filled.

Thefinishontheexteriorwallsincludesdifferenttypesofbrickworkandstonecladding.Redfacebrick,plasteredbricksandexposedstockbrickswereallusedwithexposedroofsheetingandwallcladdingtofurtherevokeelementsofatypicalmininghouse.

Pathwaysinfrontofthemallleadingtowardstheentranceswerespecificallydesignedtoenhancethetrafficflow.Plantedhedgeswerechoseninsteadofbarrierstoleadshop-perstowardstheirdestinations,creatingbalanceandcolourbytheuseofnaturalmaterials.Eye-catchingsculptureshavebeenusedtogoodeffectoutsidetheentrancesandintheinteriorofthebuilding,addingaplayfulelement.

Inside,high-levelclerestorywindowshavebeenusedthroughouttonaturallylightthemallsandthefeaturecourts.Atnight,theseclerestorywindowsgivetheeffectofalanternviewedfromafar.

Themallfeaturesfivepromotionalcourts.Volumeisadis-tinctivefeatureofthecourts,asarethethemedmosaicfloortilingdesignsinspiredbyNgunicowhides.Theflooringin-cludesacombinationofpolishedconcreteandfull-bodiedporcelaintiles.

Oversizedchandeliersbreakdownthescaleofthelargeskylights,addingtothewarmandhomelyfeelwhilstalsodrawingattentiontothepromotionalareas.Directionalsignageonold-fashionedstreetlampscreatesfurtherinter-estinthewalkways.

MiddelburgMallwascompletedinlessthantwoyears,despitetheroofcollapsinginJanuary2011duetoafreakstorm.“Thefinalproductisatestimonytotheteamworkandcalibreoftheprofessionalteam,”

ThedesignofMiddelburgMallincludesplanningforexpansionofuptoover60000m2toaccommodatefuturegrowingshopperandretailerdemand.

http://www.eprop.co.za/news/item/14352-middelburg-mall-features-thoughtful-architecture.html

DECOR: MIDDELBURG

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Bryanston office space demand surgesJohannesburg’s affluent suburb of Bryanston is ex-periencing an upsurge in the number of businesses moving to the area, resulting in an increase in office developments currently under construction. These are adding to numerous existing office buildings along Main Road and William Nicol.

ThisstretchofBryanstonisrapidlybecomingAfrica’sownSiliconValley,duetothemanyleadingtechnologyandcommunicationscompaniesoperatinginthevicinity.Mi-crosoft,DimensionData,InternetSolutions,SoftwareAG,GoogleSA,amongstothers,areallbasedintheimmediatearea,whileotherlargecorporatesincludeTigerBrands,Nestle,GlaxoSmithKline,OgilvyandSynovate.

BarrowProperties,inajointventurewiththeEnigmaGroup,isbehindtheofficedevelopmentCornerMain,situateddirectlyoppositetheDimensionDataCampus.“CornerMainhasattractedahealthylevelofinterestfromthemarketandwasrecentlysoldtoasinglebuyerindicat-ingthatthereisstrongdemandforlargerofficespaceinthearea,”saysEnigma’sdevelopmentmanager,LawrenceAzar.

Barrowisalsoinvolvedintheofficedevelopmentacrosstheroad–CulrossonMain.Itwillbringtothelocalmarketafurther7000squaremetresofrentableofficespace.“AtCulrossonMain,wehaverecentlyletthefirstbuildingtoThebeExhibitions,”saysPaulBarrow,directorofBarrowProperties.“WealsoconcludedaleasewithSoftwareAGfora2500m²buildingtobeoccupiedinJulynextyear.Thefirstbuildingcurrentlybeingconstructed,ofapproxi-mately1000m²,willbeoccupiedbyyear-end.

“Theremainingthreebuildingsof1000to1300m²arestillavailabletoletwithoccupationfromearly2013.AllthebuildingsinCulrossonMainoffertwolevelsofofficespaceandonebasementlevel.Aratiooffivebaysper100m²ofofficespacehasbeenprovidedfor.Oneofthekeyfeaturesistherooftopterraces,whichhavebeenincorporatedtotakeadvantageofthegreatviewstothenorth.InordertoaddressanticipatedtrafficcongestiontheintersectionatCulrossRoadhasbeenupgraded.”

Thearchitectshaveincludednumerousenergy-savingfeaturesinboththeCornerMainandCulrossonMainbuildings,suchasstrategicallylocatedgrey-tintedwindows,whichpreventexcessiveheatgaininsummerwhilereduc-ingheatlossinwinter,LEDlighting,abundantnaturallightthroughlarge,glazedglassfrontages,naturallyventi-latedbasementsandaneco-friendlyheatpumpforwaterheating.“Thesefeaturesamounttosignificantcostsavingsforoccupiersinthelongrun,”Barrowpointsout.

Bryanston’spopularityforofficedevelopmentscanbeat-tributedtoitscloseproximitytotheN1,severalmainroadsandtheSandtonCBD.Thesuburbalsooffersaself-con-tainedlifestylewithawiderangeofamenitiessuchasmalls,schools,entertainmentandrestaurantswithinshortdistanc-esofoneanother,withtheNicolwayshoppingcentrebeingthemostrecentadditiontothelandscape.

http://www.sacommercialpropnews.co.za/property-types/com-mercial-property-offices/5329-bryanston-office-space-demand-surges.html

PROPERTY: JOHANNESBURG

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Demand For Paarl Commercial And Industrial PropertyPaarl is not only the largest town in the Boland, but the second largest commercial centre in the Western Cape. Its central location, just off the N1, about a half an hour’s drive from the city and close to other Boland towns make it an attractive option for com-mercial and industrial businesses says Seeff Wine-lands managing director, Pierre Germishuys.

Ratesinthetownaresignificantlylowerthaninthecityandothertowns,hesays.InFranschhoekforexample,commercialrentalratesrangebetweenR150andR250/sqmcomparedtobetweenR30/sqmforindustrialpropertyandR110/sqmforofficespaceinPaarl.Thisrepresentsbettervalueforbusinesseslookingtocutandcontaincosts.Thisaffordability,hesaysistranslatingintoincreaseddemand,bothforrentalandinvestmentincommercialandindustri-alspace.Investorsarefindinggoodvalueandarecurrentlylookingtoyieldbetween9%and10%annuallyonrentalreturns.

ThepicturesquesettingatthefootoftheDrakensteinMountainsmakesforaninspiringenvironmentinwhichtoliveandworkandthereisastablelabourpoolinthetown.Theeconomyislargelydrivenbybusinessesthatservethemorethan50winefarms,frommanufacturingtoconsult-ing,butotherbusinessesaregrowing,hesays.

Thetown’s11-kmlongMainRoadislinedwithworkingvineyardsandbeautifullyrestoredCapeDutch,GeorgianandVictorianbuildings,mostofwhichnowoperateas

businesses,fromretailtoservicesandconsulting.TheKWVbuildingispopularandSeeffhasplacedseveralnewtenantsinthebuildingatrentalratesofbetweenR80/sqmandR110sqm.Salestoinvestorsincludetwoadjacentbuild-ingsat42MainRoadthatwasboughtforR6,5million.Bothbuildingshavebeenrestoredandfurtherbuildingisplanned.SeeffhasalreadysecuredtenantsatrentalratesofbetweenR100/sqmandR110/sqm.

CommercialpropertiesinthecentreofthetowncurrentlysellfromaroundR1,595millionforahistoricsemiona393sqmplottoR3,784millionforacorner-buildinginMainRoadthatoffersanidealshopfrontsettingsaysagent,PietUys.A628sqmbuildingonaplotof780sqmwithasecuredyardthatwouldsuitabusinesssuchasahardwarestorewithdisplayareasisonofferforR4,75million.AvacantplotonMainRoadthatcomprisestwoindustrialcornerstands,about626sqminextentispricedataroundR1,4million.

http://www.cbn.co.za/dailynews/6533.html

PROPERTY: PAARL

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Growthpoint bid for Fountainhead heading for finance boardREDEFINE last week night responded to Growthpoint’s counterbid by saying its offer for Fountainhead Property Trust “remains on the table, unchanged”.

ExpectationofabiddingwarsentFountainhead’sshareup4%toR8.43onWednesday.ButRedefinesaidafterthemarketclosedthatitsshareswapofferremainsunalteredatthreeHypropunitsand62.5Redefineunitsforevery100Fountainheadunits.

LastTuesday,GrowthpointtrumpedRedefine’sbidbyof-fering35ofitsunitsforevery100Fountainheadunitsheld.Redefine’ssharepricefell3.86%toR9.22yesterday,reduc-ingitsoffertoaboutR7.90perFountainheadunitwhileGrowthpointgained0.4%,takingitsoffertoaboutR8.66perFountainheadunit.

AnalystssaidonWednesdaythatthetusslebetweenGrowthpointandRedefineforFountainhead’sR10bnport-folioofshoppingcentreswouldsteertheFinancialServicesBoardandtheindustryinto“uncharteredterritories”.

GrindrodAssetManagement’schiefinvestmentofficer,IanAnderson,saidGrowthpoint’sproposalwouldhavetobereferredtotheFinancialServicesBoard,whichwouldhave

todeterminewhatitthoughtwasafairoutcome,giventhatacquisitionsusuallycoveredboththemanagementcom-panyandthefund.

“ItwouldbeinterestingtoseewhetherornottheFinancialServicesBoardwouldliketosetaprecedentthatwouldal-lowtheacquisitionsoffundswhichbypassedmanagementcompanies,”hesaid.

ShouldGrowthpoint’sofferbeallowedtogothrough,theFinancialServicesBoardmaywellinsistonsomeformofcompensationforRedefine’sacquisitionofthemanagementcompanyinordertodiscouragethistypeoftransactioninthefuture,hesaid.

CatalystFundManagersMDAndreStadlersaidCatalysthadalwaysbeenunhappywithRedefine’soffer,andwhileGrowthpoint’sofferwasa“stepintherightdirection”,Fountainhead’sportfoliowasworthmore.

TheFinancialServicesBoardwouldhavetodecidewhoseinterestsithadtoprotect—thoseofthemanagementcom-panyortheunitholders,MrStadlersaid.The“untested”situationhadopeneda“veryhealthydebate”,whichcouldchangethethinkingontheboard’smandate.

“ThereareanumberofregulatoryandcommercialissuestobefinalisedbeforeFountainheadPropertyTrustManage-mentcanreverttounitholdersinrelationtotherelativemeritsoftheproposals,”Fountainhead’smanagementcom-panysaidonWednesday.

http://www.bdlive.co.za/business/property/2012/10/25/growth-point-bid-for-fountainhead-heading-for-finance-board

PROPERTY: SOUTH AFRICA

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