Major 30,000 square metre township shopping mall in South Africa being sold
The Competition Commission has recommended that the Competition Tribunal approve the acquisition of various retail properties by Real Estate Investment Trust (REIT), Exemplar, including a major rural mall.
The properties are part of the Goldbroz Investments group, which is controlled by the Middelbro Property Company.
The company controls various properties; however, the Steelpoort Shopping Centre, which has a GLA of 30,000 square metres, is relevant to the transaction.
The shopping mall is part of the Steelpoort town redevelopment, which was a rejuvenation project launched to build up the mining town of Steelpoort in the Sekhukhune District Municipality in Limpopo.
The Steelpoort Shopping Centre is located at the corner of the R555 and Lebidike Road, in Steelpoort.
The Steelpoort region has some of the richest platinum and chrome reserves in the world, and experienced a boost in investment and development with the opening of the De Hoop dam in 2014.
It has been undergoing a multi-year rejuvenation, with the opening of various retail, office, and industrial spaces, including the Steelpoort Shopping Centre.
If approved by the tribunal, the mall and other properties under Goldbroz Investments will move to Exemplar.
For purposes of the proposed transaction, the relevant properties comprise five community shopping centres owned by the acquiring group and situated in Limpopo.
Examplar’s largest shareholder is the McCormick Property Development group, which has opened several rural retail centres over the past few years.
The group is a focused fund specialising in owning, internally managing and growing properties, specifically shopping malls in underserved, peri-urban townships and rural areas in South Africa.
The commission said it is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any relevant market.
The proposed transaction does not raise significant public interest concerns, it said.
Steelpoort Shopping Centre
Loading ...