Strategic Initiatives
Intersite is currently mandated to run with two major strategic initiatives, namely:
Strategic Equity Partner
In this regard, PRASA's Board decided that the Group's cash position needed urgent
attention and that its property assets be used to generate much-needed cash for
the business. Following the Balance Sheet Restructuring Programme, it was decided
that some of the key assets be transferred from PRASA into Intersite and a 20% -
30% stake in Intersite be disposed to a Strategic Equity Partner (SEP). This transaction
is expected to generate in excess of R3bn in cash, which will be used to rebuild
PRASA's reserves, reduce debt for Autopax and use part of the funds for the redevelopment
of key properties. Intersite is in the process of preparing the company for investment
by a Strategic Equity Partner (SEP). Thereafter, it will conclude an investment
into the company by a SEP.
National Station Precinct Development Plan
This initiative has identified 25 stations for property development at various Metrorail
Stations. According to our Transit Orientated Development philosophy, the aims is
to create pleasant environments and improve the commuter experience at our stations.
Various facilities will be created for commuters and communities alike which will
include intermodal, residential, commercial, educational and institutional facilities.
These will provide income for the Group whilst promoting job creation and decentralised
cities in assisting Government meet its mandate.