Divercity Urban Property Fund is investing R2 billion in Johannesburg as part of its strategy to create mixed-use inner-city precincts. The latest investment will focus on the redevelopment of the Absa Towers Main building, as well as Jewel City. The currently unoccupied Absa Main building will be redeveloped into 520 affordably priced residential rental apartments, a floor of coffee shops, restaurants and recreation, child care facilities, a public park and more.
The rejuvenated Jewel City will include an abundance of amenities such as a school, clinic, gym, parking and convenience retail as well as fast food and restaurants. The pedestrian-friendly walkway between Absa Tower Main and Maboneng will pass directly through it.
The Divercity investment fund is backed by the experience of some of South Africa’s leading property investors and developers. Major shareholders and stakeholders include Atterbury and Ithemba Property, with Talis Property Fund playing a major part in the formation of the fund.
According to Wouter de Vos, CEO of Atterbury Property Fund: “Divercity is leading the way in creating inclusive, sustainable, amenity-rich neighbourhoods and inspiring others to commit to the vision of regenerated cities. The Absa Towers Main and Jewel City projects are iconic and symbolic of where Divercity is going,”