- A few days before CEO Markus Jooste resigned and an accounting scandal started to unfold, Steinhoff seemingly took control of an ultra-luxury apartment block in Cape Town, Moneyweb reported on Wednesday.
- Steinhoff would not say how much it paid for the block, which has an R88 million penthouse.
- Despite its many property holdings, Steinhoff was never considered a residential property investor.
In late 2017, apparently just before Markus Jooste resigned as its CEO, Steinhoff took control of a small beachfront apartment block in Cape Town with spectacular ocean and mountain views, Moneyweb reported on Wednesday.
Steinhoff, never considered a residential property investor, would not say how much it had paid for the block.
It bought the property from a company run by Investec managing director Bernard Kantor.
A penthouse apartment in the block has been listed by estate agents Seeff and Pam Golding for R88 million.
Read the full Moneyweb article: Revealed: Steinhoff’s foray into the ultra-luxurious Cape Town residential market
Seeff describes the penthouse as offering "open plan living at its finest with outstanding views of the ocean from two floors."
Pam Golding calls it "opulent beyond belief".
See also: South Africans will be able to shout at Steinhoff directors from Cape Town this Friday – but won’t be able to directly vote at its AGM
This is what Steinhoff apparently bought:
The building is located in what estate agents sometimes refer to as Cape Town's "platinum mile".
It has uninterrupted views of the ocean, and easy access to the Sea Point Promenade.
The penthouse also offers mountain views from various spots.
The four bedrooms all have en-suite bathrooms.
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