Standard Bank Group has provided R566-million development funding to Menlyn Maine Investment Holdings (Pty) Ltd. This will be used to finance the construction of a mixed-use retail and commercial property to be known as Menlyn Maine Central Square in South Africa's capital city of Tshwane.
The 60,000m2 central square within the broader 315,000m2 Menlyn Maine development is located in the eastern suburbs of Tshwane. The larger Menlyn Maine precinct already houses blue chip corporate tenants. The newer central square will accommodate well-known retailers and banks to provide patrons with a . a Virgin Active Classic, a concept Spar, Woolworths and a number of the major South African Banks, being the major anchor tenants a boutique convenience mall of 30,000m2 arranged around a central square with upmarket restaurants and a 10,000m2 hotel.
"Standard Bank is proud to be associated with the development of Menlyn Maine Central Square," says Mr Gary Garrett, Head of Real Estate Finance at Standard Bank Group.
"We are delighted to be part of this key development node and the fact that this will be Africa's first green city precinct is an important socio-economic and environmental accolade for the Gauteng Province and the City of Tshwane."
The Menlyn Maine precinct is the undisputed prime business address in Tshwane and is envisioned to become South Africa's first Green Living Precinct. All of Menlyn Maine's buildings have been designed with the aim of achieving a best practice four-star rating from the Green Building Council of South Africa and the development is one of only 17 projects worldwide to be selected to work with the Clinton Climate Initiative (CCI).
"At Standard Bank Group we believe in the strong real estate fundamentals of the Menlyn Maine precinct, its status as a key mixed-use development node and its sustainable design," says Mr Garrett. "Our in depth understanding of the node coupled with an innovative structure, has translated into a debt solution that meets our client's specific requirements."
The broader Menlyn Maine precinct, which is expected to cost about R8-billion once completed, was first promulgated through a land assembly that commenced seven years ago and resulted in the densification of an existing low-density residential suburb. Access to the precinct was boosted by the completion of upgrades to offramps from the nearby N1 national highway.
Menlyn Maine will be further enhanced by a potential R3-billion investment by Sun International, which would comprise of a five-star hotel and conference centre with 100 luxury rooms, 10 suites and an 8,000 seat indoor entertainment arena.
"We have no doubt that Menlyn Maine, South Africa's first green city in the making will prove to be the most desirable address of choice to live, work, play, stay and invest in the city of Tshwane," says Mr Henk Boogertman, Director of Menlyn Maine Investment Holdings (Pty) Ltd. Read more about this development at www.menlynmaine.co.za.
For further information on Standard Bank Group's Real Estate Finance services go to http://www.standardbank.com/cib .
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