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Anchor tenant deal between CT Stadium and WP Rugby enters 'advanced' stage

3 July 2020 1:08 PM
Tags:
Cape Town Stadium
WP Rugby Union
WP Rugby
Lesley de Reuck
anchor tenant agreement

Cape Town Stadium chief executive Lesley de Reuck says officials are finalising the first draft of the anchor tenant agreement.

If all goes accordingly, Western Province Rugby Football Union (WPRFU) will become the primary anchor tenant at Cape Town Stadium in Green Point from 1 February 2021.

De Reuck says negotiations are at an advanced stage, with discussions about the final anchor tenant agreement expected in the next three weeks.

The stadium and the City of Cape Town have a binding heads of agreement in place with the rugby union, outlining the basic terms of the partnership, which was signed in November last year.

De Reuck says officials are currently ironing out the technical details about how the anchor tenant deal will work.

The CEO says the WPRFU's other deal to develop Newlands Rugby Stadium should not impact the plans with the Cape Town Stadium.

He explains that the anchor tenant agreement with WP Rugby is independent of the Newlands development deal.

The WPRFU's council voted in favour of a new partnership with the Flyt Property Investment group as a development partner for Newlands Stadium.

This comes after reports that the initial development deal with Investec went sour.

De Reuck is optimistic that these changes won't impact WPRFU's move to Cape Town Stadium. He says the union must "deal with the fallout effectively"

The technical guys have worked out roles and responsibilities on an event day and non-event day... The same goes for marketing and communication and for commecrialistaion.

Lesley De Reuck, CEO - Cape Town Stadium

We've gone into the granular detail of how it will work when they move in.

Lesley De Reuck, CEO - Cape Town Stadium

The detail is now being captured in an anchor tenant agreement, we're busy concluding the first draft of this agreement.

Lesley De Reuck, CEO - Cape Town Stadium

We'll probably be in discussion with WP Rugby about the final anchor tenant agreement in the next 14 to 20 days.

Lesley De Reuck, CEO - Cape Town Stadium

We're still aiming to host Western Province's first matches there in early 2021. We're full speed ahead.

Lesley De Reuck, CEO - Cape Town Stadium

Listen to the discussion on Afternoon Drive with John Maytham:


3 July 2020 1:08 PM
Tags:
Cape Town Stadium
WP Rugby Union
WP Rugby
Lesley de Reuck
anchor tenant agreement

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