ATTERBURY BEGINS DEVELOPMENT OF R6BN CASTLE GATE PRECINCT IN PRETORIA

Atterbury has commenced construction of the first phase of the
prime new multi-billion Rand Castle Gate mixed-use precinct in Pretoria.

A large-scale modern, multifaceted development, Castle Gate
will ultimately comprise 100,000 m² of office space, 40,000 m²
of specialist medical facilities, and a hotel as well as 1,100 residential
units, and a 23,000-m² convenience retail centre. The precinct will
also include eight hectares of protected green areas that will incorporate
walking and running trails.

Castle Gate is being co-developed by Atterbury Property Fund
(APF) and The Carl Erasmus Trust. APF is co-owned by leading property
developer and investor Atterbury, its management and founders as well as Talis
Investment Partners. Castle Gate is considered a strategically important
project by the City of Tshwane, which supports the development.

Upon completion, the Castle Gate project is expected to
represent a total investment of R6bn and 20,000 permanent jobs will have been
created as a result of its development.

Raoul de Villiers, Atterbury Development Manager,
says: “For successful property development and investment it is necessary to
look through the short-term cycles and take a long-term view. We are confident
in the future of South Africa and proud to invest in the country that we love
and the City of Tshwane where Atterbury started.”

Atterbury began operating in Pretoria 25 years ago and has
grown to become one of South Africa’s most diversified property companies with
developments and investments in Cyprus, Romania, Serbia, Mauritius, Namibia
and, of course, in South Africa.

Applying its astute analytical approach, Atterbury identified
the landmark property belonging to the Erasmus family on the last portion of
the original Waterkloof farm in Pretoria as an exciting opportunity for a
unique and sizeable infill development.

For those asking ‘why make such a large,
long-term investment in South Africa now?’ Tebogo Mogashoa, Chairman of Talis
Holdings, answers, “At Atterbury Property Fund we seek to continuously
challenge conventional wisdom. As South Africans, it is up to us to create the
positive momentum that will lead to a meaningful, long-lasting positive impact
on our country. The approximately 20,000 sustainable employment opportunities
that will be created as a result of the Castle Gate project is a testament to
our commitment to building a better future for South Africans.”

The Castle Gate precinct’s inspiring launch was
attended by Premier of Gauteng David Makhura, Mayor of the City of Tshwane
Stevens Mokgalapa and Tshwane MMC for Economic Development and Spatial Planning
Isak Pietersen.

Mokgalapa applauded Castle Gate and its
co-developers saying, “This is a classic public-private partnership. I endorse
this development which is aligned with the city’s strategic pillar of economic
growth, development and job creation. Castle Gate will bring significant
socio-economic benefits for the Gauteng province and the City of Tshwane.”

Mokgalapa added that he committed to ensuring
the development of Castle Gate is dealt with in line with Tshwane’s new vision
to move from red tape to red carpet to enable property developments are
delivered on time.

The 23,000 m² Castle Gate Lifestyle Centre, which
is already under construction and its first structural columns can be seen
rising out of the ground, makes up the first phase of the precinct to be
developed. The convenience centre will open in less than a year from now, in
September 2020, and include retail, medical consulting rooms, offices and a
gym.

Castle Gate Lifestyle Centre is designed with a farmhouse feel
that is rustic yet industrial and includes a focus on outdoor green areas. Most,
if not all, of the buildings in the precinct are expected to include solar
energy generation.

For residents in the east of Pretoria, the convenience of the
centre’s offering will only be surpassed by the convenience of its exceptional
location and effortless accessibility. Castle Gate enjoys a prominent position
adjacent to the N1, and it will be easily accessible from Solomon Mahlangu
Drive, which is already in the process of being widened and upgraded as part of
the development.

The second phase of the Castle Gate project road upgrades
includes building a new highway bridge across the N1, which will make it
possible to introduce double lanes in both directions on Solomon Mahlangu
Drive, between Castle Gate and Hoërskool Waterkloof.

The entire precinct is expected to be developed over the next
decade and the second phase of Castle Gate is planned to begin in mid-2020.

More information from Zahn Hulme, Tel: 012 471 1600 /  www.atterbury.co.za

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