Knight Frank, Rennie partner to conquer South Africa’s property market

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Knight Frank has partnered with South African property specialist, Rennie Property, and will begin trading as Rennie | Knight Frank.

In a statement, the global real estate adviser says the move is expected to solidify its position as one of the biggest real estate advisers on the African continent, as well as provide a gateway for existing Rennie Property clients to the greater international market.

Rennie | Knight Frank will offer a full suite of commercial property services including Property Asset Management (PAM), Occupier Services, Commercial Agency and Capital Markets.

Read: Africa’s property market thrives on domestic capital

Knight Frank is currently represented in South Africa through Knight Frank Residential and Knight Frank Valuations / Advisory, both long-standing and well-established businesses.

Commenting on the partnership, Susan Turner, the Managing Director of Knight Frank Residential / Valuations said the partnership will further cement the company’s position in South Africa and create a formidable partnership as a multi-faceted property service offering that will benefit their collective clients.

Steve Rennie, co-founder of Rennie Property- together with Nikki Paige- said they have been working with Knight Frank informally as their South African commercial representative over the last twelve months.

“Despite travel restrictions imposed by Covid-19, the international connectivity already fostered with the firm has proven to be a game-changer. We have not only won sizeable appointments in South Africa arising from Knight Frank’s multi-national operating platform, but we have also been able to introduce our local South African clients to international investors looking for opportunities in the country.”

“Johannesburg has always been a key market for us and for Knight Frank, and given it is the economic hub of South Africa, we look forward to rolling out our strategic expansion plans there while continuing to grow our national operating footprint.”

Nikki Paige added that under the current constraints of the global pandemic and with the shifts within the commercial property sector, Rennie Property will continue to apply their property solutions and individual focus to their clients’ interests, an approach that aligns well with Knight Frank.

Read: Prime residential market in Nairobi expected to recover

Alistair Elliott, Senior Partner & Group Chairman at Knight Frank said that it is partnerships such as this that reflect on the company’s commitment to growing their global platform and offering their clients unparalleled service and expertise.

“With Knight Frank Valuations/ Advisory and Residential teams already in place in South Africa, we look forward to building on our operating footprint across the country.”

Knight Frank has been operating in Africa since 1964 and provides integrated consulting and transactional services in 9 countries across the continent including Kenya, Tanzania, Uganda, Nigeria, Zambia, South Africa, Malawi, Botswana, Zimbabwe.

The firm has undertaken assignments in 50 of the 54 African countries and employs more than 500 people in its network of over 20 local offices.

This latest partnership comes at a time when the firm’s latest London sales and lettings reports show that June was a record-breaking month for sales transactions, lettings, viewings and new prospective tenants registering.

According to a report filed by Show House UK, the number of transactions carried out by Knight Frank in prime London markets in June was the highest on record.

The June figure was 53 per cent higher than March this year, the second-highest month on record when transactions spiked ahead of the original stamp duty holiday deadline, which was deferred to last month.

The report also found that the number of new prospective buyers registering in June was 42 per cent above the five-year average for the same month. Meanwhile, the number of offers agreed was 86 per cent higher than the five-year average.

Commenting on the finding, Knight Frank’s head of UK residential research Tom Bill said that frustrated demand will support UK housing market activity as the stamp duty holiday winds down.

Read: Is the pandemic a blessing in disguise for real estate?

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

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