May 18, 2021

Eskom Come To Rescue Students Housing Needs

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Braamfontein building will enable the department to respond to the accommodation needs of university students in Johannesburg.

A company logo is displayed on the Eskom Holdings SOC Ltd. Megawatt Park headquarters office in Johannesburg, South Africa, on Tuesday, July 30, 2019. Eskom reported a record loss of 20.7 billion rand. Photographer: Waldo Swiegers/Bloomberg

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JOHANNESBURG: Eskom is pleased to announce the sales of two buildings to the Department of Human Settlements.

Eskom has announced the sale of its two regional offices in Gauteng and Northern Cape to the Department of Human Settlements, Water and Sanitation to assist the department in meeting its mandate of providing social housing.

The department will therefore convert the Kimberley Trust Centre, the tallest building in the Northern Cape city, and the 26-storey Regional Office in Johannesburg into residential housing units.

“The sale of these two high rise office buildings in Kimberley and Johannesburg has raised R76.1 million for Eskom, part of Eskom’s approved strategy to responsibly dispose of non-core immovable properties. In total, Eskom aims to raise more than R2 billion from the sale of non-core property,” the ailing state-owned enterprise said in a statement.

“These properties were previously utilised as regional offices, and staff have been moved to other locations as part of Eskom’s drive to optimise space and derive maximum value from its extensive property portfolio. The property disposal process is in line with Eskom’s unbundling process and its bid to raise capital,” Eskom said in a statement

According to Eskom’s terms of the sale agreement, the Kimberley building will be converted into social housing units to meet the demand for residential units while the Braamfontein building will enable the department to respond to the accommodation needs of university students in Johannesburg.

The company continues to explore similar opportunities in other areas where it owns non-core properties, it says more opportunities will take place next in Limpopo and Mpumalanga,

“Eskom continues to explore similar opportunities in other areas where it owns non-core property stock. It is expected that sales of Die Wilge Flats outside the Kusile Power Station at eMalahleni and the Lephalale Stands near the Medupi Power Station will be finalised during the first half of the current financial year.

“Other non-core immovable property is being offered for sale through the government’s process of property disposal,” the statement concluded.

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