Expands to office and mixed-use properties through partnership with Growthpoint

Cape Town, 5 June 2024 – admyt, a pioneer in digital parking solutions, proudly announces its expansion into office and mixed-use properties across Cape Town in collaboration with Growthpoint Properties (JSE: GRT). This strategic partnership marks a significant milestone in admyt's journey towards a ticketless future and reaffirms both firms’ dedication to reshaping parking experiences for tenants and users.

The expansion encompasses select Growthpoint Cape Town buildings such as 33 Bree, Roggebaai Place, The District, River Park, Montclare Place, and the Longkloof precinct, among others and caters to the diverse needs of tenants and visitors, as well as daily casual and monthly parkers. These sites advance admyt's commitment to providing tailored solutions for office and retail tenants, their visitors, and those requiring monthly parking bookings.

"We're excited to partner with admyt to revolutionise the parking experience at our properties,” remarks Timothy Irvine, Growthpoint’s Regional Asset Manager for the Western Cape. “This collaboration will introduce a seamless, tech-forward solution that puts our customers first. By working with admyt, we're reaffirming our commitment to innovation and customer-centric solutions that are efficient and cost-effective and enhance the overall experience at our buildings.”

admyt has recently received a transformative investment from the REdimension Real Estate Technology and Sustainability Fund, an investment vehicle managed by REdimension Capital and in which Growthpoint is invested. This funding is enabling admyt to enhance its product, expand its footprint, and scale its user base. Growthpoint's backing of the fund underscores its dedication to advancing real estate technology and sustainability.

admyt's expansion with Growthpoint builds up its existing presence in Cape Town, which includes prominent locations such as V&A Waterfront (50% co-owned by Growthpoint) and 80 Strand (WeWork in Cape Town), along with 70-plus office, mixed-use, and retail locations nationwide.

"As we embark on this transformative journey, we're thrilled to join forces with Growthpoint, a leader in property and innovation," emphasises Devon Beynon, Co-CEO at admyt. "Our partnership signifies a shared vision for more efficient and customer-focused parking solutions. We're committed to driving innovation, enhancing operational excellence, and delivering unparalleled experiences for landlords and customers alike."

The rollout introduces a range of new features aimed at driving revenue growth, reducing costs, enhancing operational efficiency, and enriching the user experience. From scan-to-pay functionality for unregistered users to Bay Booking for monthly parkers and real-time dashboards showcasing parking revenue by category as well as tenant occupancy and usage trends, admyt's solutions empower landlords to seize revenue opportunities while providing unparalleled convenience to tenants and visitors. Additionally, the implementation of a Central Control Room, in collaboration with Verifier, enables efficient site monitoring, ensuring smooth operations and enhanced security.

Looking ahead, admyt has ambitious plans, with a comprehensive rollout strategy aimed at further expanding its footprint and delivering innovative parking solutions to more properties nationwide. By leveraging admyt's solutions, landlords can expect significant cost savings, with affordable parking equipment and notably reduced ongoing operational costs. admyt's proven track record underscores its potential to deliver on complex and large-scale projects as well as optimising the cost-to-income ratios of the properties.