Old Mutual Building Biggest Skyscraper in CT!

[capetownguy]

Yip. This is their property investment arm thats heading up this R2bn development as well as another two towers in the Cape Town CBD called Strand on Adderley worth R3bn.

Investment in the visdorp CBD alone is expected to top R30 bn within the next 3-5 years.

 

[Ou grote]

/* me is confused

didn't OM move their head office up to Jozie in 2007?

WTF?

It's in Pinelands still.
Just some staff moved there.

The new building in CT is just an investment, like a shopping center is, they'll be renting of space.

 

[sybawoods]

It's in Pinelands still.
Just some staff moved there.

The new building in CT is just an investment, like a shopping center is, they'll be renting of space.

Quite correct. All the talk about OM moving it's Head Office to Jozi was rather misleading. It's only the CEO, and some selected exec roles that moved to Jozi. MutualPark in Pinelands still houses the bulk of office-based employees - a few thousand - and is currently undergoing a massive upgrade as well, which included the recent opening of a mini-mall (including a full-line Spar supermarket) for the public and for staff.

The building in the Cape CBD is purely for investment purposes.

 

[BTTB]

A lovely building built with your pension/policy money. Imagine if they gave you the returns you should have gotten instead of building a massive abomination

I was going to agree with you, but then I thought that perhaps Old Mutual's money would be better served in a City like Cape Town instead of overseas.
Beats their bad investments in the US and other overseas places.

Old Mutual have had a bad year it seems with the Financial Meltdown. A share price of over R20 is now hovering just above R8. Investors are cautious as they aren't sure how much the bad US investment is still going to cost. Last I read it was over a Billion.

 

[Kokop]

I was going to agree with you, but then I thought that perhaps Old Mutual's money would be better served in a City like Cape Town instead of overseas.
Beats their bad investments in the US and other overseas places.

Old Mutual have had a bad year it seems with the Financial Meltdown. A share price of over R20 is now hovering just above R8. Investors are cautious as they aren't sure how much the bad US investment is still going to cost. Last I read it was over a Billion.

OM has more to see from this meltdown.

Perhaps you are right that investing here may be safer that the US??

 

[Kokop]

Well its one of those plans that will either get started 2011/2012 or never.

If anyone has any money left at that point. Blood is on the streets, financial streets that is.

 

[capetownguy]

This building has also now been put on hold.