Leading global technology provider SKF, headquartered in Sweden, has concluded a lease agreement in Jet Park with a value of more than R120 million.
This new lease agreement signifies the company’s intention to further expand and consolidate their sub-Saharan business operations says John Jack, CEO of Galetti Corporate Real Estate, who concluded the transaction. ‘’We are seeing an increase in global companies, such as SKF, committing to long-term leases in South Africa as the country continues to be positioned as a top destination for foreign direct investment.’’
‘’SKF is, amongst other industries, focused on the mining sector which continues to be seen as South Africa’s ‘sunrise industry’. The recent Mining Indaba showed great promise for the industry with speakers addressing opportunities for international investors and so we can expect more companies to explore foreign investment in this space over the months to come. We are currently speaking to a number of global companies looking to expand operations in South Africa,’’ adds Jack.
The transaction, built around warehousing and office space totalling over 10 000 m2, involved the consolidation of two existing operations in an effort to improve efficiently and position the company for further expansion.
‘’The investment, which was planned over a 12-month period, will allow the company an opportunity to rapidly expand operations through their core technologies: bearings and units, seals, lubrication systems, power transmission, and mechanical and reliability engineering services,’’ adds Jack.
SKF has been a leading global technology provider since 1907 and offers local industry a full range of solutions and services around its core technologies. The company, founded in Sweden, manufactures and supplies bearings, seals, lubrication and lubrication systems, maintenance products, power transmission products, condition monitoring systems and related services globally.