Cavaleros Group grows its Cape Town property investment portfolio

Résumé détaillé

Eyes further opportunities in the Western Cape and Africa.

The Cavaleros Group is expanding its Cape Town commercial property portfolio after acquiring the landmark Portside Towers building in the CBD for R580 million from struggling JSE-listed Accelerate Property Fund last year.

At an event last week to mark one year since the group took ownership of the tallest building in Cape Town as well as its centenary year in business, Cavaleros Group announced the purchase of another major property in the Mother City – the Absa property on Lower Long Street.

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Cavaleros is a private, family-owned property group led by CEO Penny Cavaleros. It did not mention the value of its latest Cape Town investment.

However, it said the acquisitions strengthen the group’s presence in Cape Town’s CBD, as it celebrates 100 years in business and “signals further investment ambitions in the Western Cape and across the African continent”.

Cavaleros owns a multi-billion-rand portfolio of commercial office, retail, logistics and hotel properties, largely in Johannesburg, including The Maslow Hotel (operated by Sun International) in Sandton, the NH Sandton hotel which rebranded from Hilton a couple of years ago, and the classy LXX Shopping Centre in Sandton. It also owns properties in the UK and significant ‘land banks’ in Gauteng and the Western Cape where it is eyeing the development of data centres precincts.

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“We have built our reputation on identifying gaps in the market, recognising potential where others may overlook it, and pursuing opportunities with conviction,” Penny Cavaleros said at the group’s centenary celebration at the Portside Towers building.

Reflecting on the 100-year milestone, Cavaleros also acknowledged the generations of work behind the business, including…

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