{"id":764001,"date":"2024-03-27T13:28:23","date_gmt":"2024-03-27T11:28:23","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=764001"},"modified":"2024-03-27T13:28:28","modified_gmt":"2024-03-27T11:28:28","slug":"r3-9-billion-sale-finalised-for-five-malls-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/764001\/r3-9-billion-sale-finalised-for-five-malls-in-south-africa\/","title":{"rendered":"R3.9 billion sale finalised for five malls in South Africa"},"content":{"rendered":"\n

Hangar 18 has officially taken over the management of five large-scale malls after purchasing them for R3.9 billion.<\/p>\n\n\n\n

As reported by the PE Express<\/a>, Baywest Mall in Nelson Mandela Bay and Hemingways Mall in Buffalo City have switched ownership from Rebosis to Hanger 18. <\/p>\n\n\n\n

\u201cWe are very excited about the acquisition of Baywest and Hemingways, and we have enjoyed our interactions with our centre management teams, tenants, and shoppers,\u201d said Hangar 18 Co-Founder and joint CEO Marc Edwards.<\/p>\n\n\n\n

“The acquisition of the malls along with Hangar 18\u2019s acquisition of the Gauteng-based malls Forest Hill City, Bloed Street Mall and Sunny Park Shopping Centre saved more than 50 jobs, as well as hundreds more indirect jobs of the tenants and service providers who work at the malls.”<\/p>\n\n\n\n

Previous owner Rebosis, a JSE-listed Real Estate Investment Trust, entered into business rescue in August 2022, following years of financial deterioration, worsened by the substantial increase in interest rates. <\/p>\n\n\n\n

Although the company, which was the first black-managed and substantially black-owned property fund to be listed on the JSE, had a number of high-value income-generating properties, its financial position saw years of deterioration. <\/p>\n\n\n\n

Although Baywest Mall is the largest shopping mall in the Eastern Cape at 87,000 sqm, it’s purchase price of R1,250 million was slightly less than the R1,265 for Hemingsway Mall. <\/p>\n\n\n\n

In October last year, the Competition Commission unconditionally approved the sale of five shopping malls to Hangar 18. <\/p>\n\n\n\n

\u201cThe commission found that the proposed transaction is unlikely to result in substantial prevention or lessening of competition in any relevant markets. The commission further found that the proposed transaction does not raise substantial public interest concerns,\u201d the commission said.<\/p>\n\n\n\n

Images of the five malls can be found below: <\/p>\n\n\n\n

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Hemingways Mall<\/strong>, Buffalo City<\/strong><\/p>\n\n\n\n