Edcon (Edgars, Jet and CNA) begs for cheaper rent. Growthpoint says 'no'

Edgars store. Picture: EWN

The recap gives Edcon at least two years… They’ll be debt-free… there’s a fair chance of them turning it around…

Norbert Sasse, Group CEO - Growthpoint Properties

Edcon – the struggling owner of Edgars, Jet and CNA – asked Growthpoint Properties to reduce its rentals, a request the property behemoth rejected.

Growthpoint Properties did, however, inject R110 million into Edcon in return for equity.

The Money Show’s Bruce Whitfield interviewed Norbert Sasse, Group CEO at Growthpoint Properties.

Sasse discussed how his company is doing, its investments in Australia, and the harsh domestic environment.

Listen to the interview in the audio below (and scroll down for more quotes from it).

There is nowhere to hide…

Norbert Sasse, Group CEO - Growthpoint Properties

Our timing was exquisite when we went to Australia… when you get in right at the bottom… The Australian investment is our best ever…

Norbert Sasse, Group CEO - Growthpoint Properties

We chose not to go retail…

Norbert Sasse, Group CEO - Growthpoint Properties

Our own office vacancies have gone into double-digits…

Norbert Sasse, Group CEO - Growthpoint Properties

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