GEPF lifts exposure to Cape Town property with R1.8bn Century City deal

Africa’s largest pension fund, the Government Employees Pension Fund (GEPF), has invested further in Cape Town’s property market, securing a 50% undivided share jointly with NCS Property in 14 buildings in the Century City Bridgeways precinct, one of the country’s most sought-after smart-city developments.

The state-owned fund, which manages more than R2.5-trillion in assets, has committed R1.8bn to one of Cape Town’s fastest-growing mixed-use nodes in a transaction alongside 100% black-owned private property group NCS Property. The deal was facilitated by the Public Investment Corporation (PIC), which manages the GEPF’s assets.

The acquisition builds on the fund’s growing mixed-use property portfolio, which includes the V&A Waterfront — owned in partnership with Growthpoint — as well as a stake in the company that owns Waterfall City, and positions Century City as its next anchor investment in a city that remains a magnet for big property players.

“The quality assets are anchored by blue-chip and multinational tenants, which ensures a source of long-term, stable cash flows and the sustainability of the portfolio,” PIC CEO Patrick Dlamini said. “This transaction also enhances the GEPF’s geographical spread of the portfolio between the high-concentration Gauteng and coastal regions.”

The assets were sold by the Rabie Group through its investment arm, Century City Property Investment Trust, which owns Century City, transferring a significant portion of the precinct’s prime real estate.

“The acquisition of the Century City properties is strategically important as it strengthens the GEPF’s unlisted property portfolio by providing exposure to high-quality assets. It also reflects our strategy to invest alongside well-aligned partners who share common interests,” Dlamini said.

The Bridgeways Precinct, which forms Century City’s northern node, includes the Century City Conference Centre, about 305 hotel rooms, 1, 800 parking bays and green-rated office buildings such as Sable Park (occupied by Discovery) and Bridge Park (home to Absa), alongside various retail assets.

The precinct is located close to the Crystal Towers Hotel, which is managed by Marriott, and 10km from Cape Town’s CBD and the V&A Waterfront. The hotel is included in the properties that have been purchased.

The transaction also opens the door for future developments, with the PIC potentially partnering with Century City Property Investment Trust. Rabie retains about 100,000 square metres of developable land in Century City, allowing for further growth of the mixed-use precinct.

“Century City is equipped with innovative design features and infrastructure to create a sustainable work and living environment. The precinct has scope for further growth given the available bulk and the strength of tenant demand in Cape Town. Our mandate supports long-term investments with sustainable growth and pipeline opportunities,” Dlamini said.

Correction: January 27 2026

This story has been edited to confirm that the Crystal Towers Hotel, which is managed by Marriott, forms part of the portfolio that has been purchased.