Absa Towers Main
Absa Towers Main
Cliffe Dekker Hofmeyr represented Absa Bank in the sale and development of Absa Towers Main, together with surrounding properties, and their subsequent leaseback to Absa Bank.
Absa Bank involved Cliffe Dekker Hofmeyr from the commencement of the project with the request for proposals from developers to refurbish Absa Bank’s most prominent building, namely Absa Towers Main, and to create a residential space as well as a main precinct/piazza area for the benefit of the development tenants as well as the surrounding community. Our team's involvement in the bidding and drafting process included analysing bids, assisting with the selection of preferred bidders, advising various Absa Bank committees such as Procurement and Commercial Property Finance, drafting a sale agreement, drafting a development agreement, drafting a 10-year lease of a portion of the re-developed Absa Towers Main back to Absa Bank for use by Absa Bank as office space as well as drafting a Constitution for the Absa Precinct Association and Conduct Rules. We also drafted a Lease Agreement for the iconic Absa Bank “Lumen” sign situated on the roof of Absa Towers Main.
This mandate demonstrates the significant commercial benefits for clients of our combined real estate and cross-practice offering. The complex nature of the one-of-a-kind precinct required adaptive and thoughtful drafting and advisory skills in order to set up the Precinct Association and Constitution. The deal terms ensure renewal and growth, security and cleanliness of the surrounding areas and the Precinct, resulting in upgrading and uplifting the Johannesburg central business district area. This project is set to renew and re-energise the country’s urban centres with its unique focus on inner-city precinct development that combines commercial buildings with affordable residential space to create inclusive and diverse neighbourhoods. Our team also resolved tax and competition commission complications.