01.19.07
SPF leases more properties
The Seychelles Pension Fund (SPF) has made an announcement about acquiring more properties for commercial development.
In accordance with the SPF, its Board of Trustees has approved the lease from the Government of Seychelles of the Pirates Arms building for R20 million, and the Huteau Lane land being used currently by the Seychelles Marketing Board (SMB) Builder’s Depot for R30 million.
The lease of both properties is provided for a period of 99 years. According to the SPF, the rent for the duration of the lease has been paid upfront. The rent costs have been determined according to the valuation of the properties by experienced practicing property valuers commissioned for this purpose by the SPF after taking into account the market value of the properties.
The Government has leased the 2 properties directly to the Pension Fund, not first calling for tenders, in order to provide better investment opportunities to the SPF to fully secure pensions and benefits of its 34 thousand members.
Having completed its development programme, the SPF is going to make available renting space to small businesses.
The proposed investments by the SPS correspond the its policy of diversifying investments and maximizing its return to be sustainable in its operation. According to the Fund, the new lease and the lease taken in November reveal its main property purchase plan for re-development for the next 10 years.