Freedom Property Fund Group is planning to expand the Steelpoort Industrial Facility in Limpopo after securing funding worth US$ 8m from Nedbank. This project will help in the development of the Tweefontein Residential Zone. The total amount to be used will be US$ 10.79m.
Steelpoort industrial facility is totally owned by Kadoma Investments, a subsidiary of Freedom Property Fund and is, according to reports, strategic to providing services to various industries including the mining sector.
Development of the new Steelpoort facility will see to it that the facility is able to provide a total Gross Lettable Area (GLA) in excess of 27 000m2, which will not include undeveloped stands let to certain tenants.
Additional units would later be developed.
The Property Fund Group noted that the first new units in the facility will be completed and delivered end of October, with the final units expected to be done by March 2015. The existing units being upgraded at the moment are expected to be done by end of November 2014.
News for expansion comes shortly after Steelpoort industrial facility facility was recently constructed.