History
In October 2010, as one of the outcomes of PRASA’s balance sheet restructuring programme,
the Group announced a change of mandate for its wholly-owned subsidiary, Intersite
Property Management.
Intersite used to manage PRASA’s property portfolio, which included train stations,
through a management agreement. But, the Group decided it best to terminate the
agreement and transfer its services to an internal function under the newly created
PRASA CRES (Corporate Real Estate Solutions). This enabled Intersite’s role to change
from managing PRASA’s property portfolio to becoming an investment company for the
Group: Intersite Property Investments (Pty) Ltd.
PRASA CRES now handles all the facilities and property management services that
Intersite used to take care of.
The main aim of PRASA’s balance sheet restructuring programme was to recapitalise
the company and generate cash needed to finance strategic short-term income-generating
projects. The programme allowed PRASA to re-value key assets and find the most appropriate
location in Intersite. PRASA CRES’s new mandate includes the following key areas:
facilities management, real estate strategy and asset management, as well as project
and development management.