Transnet is Selling Carlton Centre for R900m KossyDerrickBlog KossyDerrickEnt

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Sunday, May 14, 2023

Transnet is Selling Carlton Centre for R900m

Transnet is Selling Carlton Centre for R900m.

After all, it doesn’t make sense for a company like Transnet – whose main operations involve running freight rail networks and ports – to also manage a portfolio of properties in the retail, office and residential markets.

South Africa’s state-owned port and rail company Transnet SOC Ltd. is gauging interest from developers to rejuvenate a half-century-old building that is also one of Africa’s tallest.

The Carlton Centre, which opened in the 1970s and includes a 223-meter (732 feet) high office tower, indoor ice skating rink, shopping center, and a 663-room hotel, is located in the center of Johannesburg. The complex, built by Anglo American Properties Ltd., was designed by the architecture firm and skyscraper specialist Skidmore, Owings and Merrill.

By 2007, Ramos’ review pointed to a need for Transnet to sell several properties, including the Carlton Centre, an iconic property in downtown Johannesburg that stands 223m high and has dominated the city’s skyline for around 50 years.

Transnet considered the Carlton Centre, which it bought from Anglo American in 1999 for R33-million to use as its headquarters, as non-core to its operations – thus starting a process in 2007 to engage potential buyers. 

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