{"id":756839,"date":"2024-03-03T15:00:00","date_gmt":"2024-03-03T13:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=756839"},"modified":"2024-03-01T16:25:40","modified_gmt":"2024-03-01T14:25:40","slug":"sale-of-three-massive-malls-in-south-africa-get-the-thumbs-up","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/756839\/sale-of-three-massive-malls-in-south-africa-get-the-thumbs-up\/","title":{"rendered":"Sale of three major malls in South Africa get the thumbs-up"},"content":{"rendered":"\n

The Competition Tribunal has approved the sale of three malls in South Africa. <\/p>\n\n\n\n

Firstly, the Tribunal has unconditionally approved the sale of Table Bay Mall to the JSE-listed Hyprop for R1.6 billion. <\/p>\n\n\n\n

The 67,500 sqm mall is located in Sunningdale, inland from Blouberg and Bay Bay, on Cape Town’s West Coast. <\/p>\n\n\n\n

Hyprop previously said that the area is set to experience above-average growth due to the residential developments that are being driven by semigration to the Western Cape. <\/p>\n\n\n\n

The centre is also located near a high-growth node, with the area around the mall earmarked to construct between 5,000 and 7,500 more residential units over the next decade. <\/p>\n\n\n\n

Moreover, residents in the area tend to be medium to high-income earners.<\/p>\n\n\n\n

Hyprop said that the net property income attributable to the mall amounted to R108.6 million for the year ended 29 February 2023.<\/p>\n\n\n\n

It also expects net property income before depreciation\u00a0for the period between 1 November 2023 and 31 October 2024 to reach R125.7 million.<\/p>\n\n\n

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Table Bay Mall<\/figcaption><\/figure><\/div>\n\n\n

The Tribunal also conditionally approved the merger where the Sasol Pension Fund, Luvon Investments, and Litapro acquire Eden Meander in George, Western Cape, from Accelerate Property Fund. .<\/p>\n\n\n\n

As reported by Business Day<\/a>, the mall comes in at 31,000 sqm and is valued at roughly R520 million, with a net operating income of R35.8 million. <\/p>\n\n\n\n

The asset, measuring more than 31,000m\u00b2, was acquired in 2016. At the end of March, it was valued at about R521.7m and had a net operating income of R35.8 million.<\/p>\n\n\n

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Eden Meander<\/figcaption><\/figure><\/div>\n\n\n

The Tribunal also unconditionally approved the merger\u00a0where Redefine Retail intends to acquire Pan Africa Development. <\/p>\n\n\n\n

Pan Africa’s sole property is the Pan Africa Shopping Centre, which is a 16,000 sqm community centre in Alexandra, Johannesburg. <\/p>\n\n\n

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Pan Africa Shopping Centre<\/figcaption><\/figure><\/div>\n\n\n
\n\n\n\n

Read<\/strong>: Sale of one of South Africa\u2019s biggest shopping malls gets the go-ahead<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Competition Tribunal has approved the sale of three malls, with two found in the country’s richest cities. <\/p>\n","protected":false},"author":95,"featured_media":725586,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,15005],"class_list":["post-756839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-hyprop"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/756839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=756839"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/756839\/revisions"}],"predecessor-version":[{"id":756925,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/756839\/revisions\/756925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/725586"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=756839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=756839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=756839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}