Investec Property Fund has expanded its retail portfolio with the R105 million acquisition of the Nonkqubela Link Mall in Khayelitsha, Western Cape.
Investec Property Fund has expanded its retail portfolio with the R105 million acquisition of the Nonkqubela Link Mall in Khayelitsha, Western Cape.
The acquisition of the mall from Bakoro Capital Partners Proprietary Limited is consistent with the fund’s objective of focusing on properties with a strong contractual cash flow in order to enhance distributions to unitholders.
The Nonkqubela Link Mall provides a gross lettable area of 7 800 square metres.
It is situated at 1 Sulani Drive, off Bonga Drive (M45), between the suburbs of Victoria Merge and Village 3, North Khayelitsha, adjacent to the Nonkqubela train station, taxi rank and bus terminal and only 28km from the Cape Town CBD.
National retailers compromise 94 percent of the tenant profile, with anchor tenant Shoprite, occupying 3 000 square metres. Other tenants include Ackermans, Pep and Dunns, as well as an Ellerines furniture store.
The mall also has representation from all the major financial institutions, with Standard Bank and Nedbank having the largest presence.
“We acknowledged at listing that we were underweight in retail and have been systematically adding to this portfolio within the fund,” says Sam Leon, chief executive officer of Investec Property Fund.
He says following the fund’s successful acquisition of the Great North Plaza in Musina recently and with the opportunity to purchase this quality retail shopping centre, they have boosted the retail component from 10 percent just over a year ago to 18.5 percent.
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