{"id":789175,"date":"2024-09-02T11:45:00","date_gmt":"2024-09-02T09:45:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=789175"},"modified":"2024-09-03T16:48:31","modified_gmt":"2024-09-03T14:48:31","slug":"major-upgrade-for-joburg-shopping-mall-opening-next-month","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/789175\/major-upgrade-for-joburg-shopping-mall-opening-next-month\/","title":{"rendered":"Major upgrade for Joburg shopping mall – opening next month"},"content":{"rendered":"\n

The Pan Africa Shopping Centre expansion in Alexandra, Johannesburg, will officially open in October 2024.<\/p>\n\n\n\n

The expansion of the mall, which is owned by Redefine, will add 10,300 sqm of additional retail space – taking its gross lettable area (GLA) to over 25,000 sqm<\/p>\n\n\n\n

The expanded centre will house several prominent retailers, such as Truworths, Ackermans, Mr Price, Sportscene and Pick n Pay Clothing. <\/p>\n\n\n\n

The mall will also have solar panels, propel air toilets, and energy-efficient lighting per its ESG credentials. It will also have full backup power and water, ensuring disruptions will not affect retailers’ trade.<\/p>\n\n\n\n

The shopping centre was opened in 2009 and was the first fully integrated shopping mall and taxi facility. <\/p>\n\n\n\n

Located on the corner of 3rd<\/sup> Street and Watt Street in Alexandra, the double-storey centre is home to a wide range of national and independent retailers and fast food outlets.<\/p>\n\n\n\n

It was refurbished in 2021\/22 and now has a well-established and well-supported consumer market. <\/p>\n\n\n\n

The centre has had several ownership changes over the last two years. <\/p>\n\n\n\n

In 2022, JSE-listed Vukile Property Fund bought the mall for R669 million. <\/p>\n\n\n\n

Vukile planned to acquire the centre for R414.6 million from its sellers, the Pan Africa Development Company, which is held by Atterbury Property (50.887%), Talis Holdings (47.337%) and Summit Ridge Trading 5 (1.776%).<\/p>\n\n\n\n

The sellers would then be kept on to develop the centre\u2019s second phase expansion, which acquired R254.3 million. <\/p>\n\n\n\n

However, the deal fell through due to regulatory struggles with the City of Johannesburg. <\/p>\n\n\n\n

However, in March of this year, the Competition Tribunal unconditionally approved the merger in which Redefine Retail acquires Pan Africa Development, giving Redefine a holding in the Pan Africa Shopping Centre.<\/p>\n\n\n\n

\u201cPan Africa represents a step forward in expanding our local portfolio and is an example of our commitment to facilitating a quality communal shopping experience for all South Africans,\u201d said Redefine\u2019s CEO, Andrew K\u00f6nig.<\/p>\n\n\n\n

“Going to your local centre, should be an exercise in comfort, safety and convenience, the defining attributes of any mass retail space.” <\/p>\n\n\n\n

Redefine\u2019s purchase of Pan Africa Shopping Centre follows the company\u2019s full acquisition of the Mall of the South, one of South Africa\u2019s largest retail properties in Johannesburg South, from previous co-owner RMB Investment and Advisory (RMBIA).<\/p>\n\n\n\n

\u201cRetail accounts for more than 40% of Redefine\u2019s asset platform in South Africa,” said K\u00f6nig.<\/p>\n\n\n\n

“In alignment with our retail strategy and capital allocation plan, these acquisitions show we are looking to the future to develop and manage properties that speak to a corporate vision and identity characterised by excellence, diversity, and versatility.”<\/p>\n\n\n\n

Below are the latest construction images of the mall’s expansion and refurbishment in the main centre. <\/p>\n\n\n\n

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Read: <\/strong>What the new two-pot pension system means for interest rates in South Africa<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The expansion of the Pan Africa Shopping Centre in Alexandra is opening in October, adding 10,000 sqm of new retail space. <\/p>\n","protected":false},"author":95,"featured_media":612094,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[11393,26,20472,12366,17208],"class_list":["post-789175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-atterbury","tag-headline","tag-pan-africa","tag-redefine","tag-vukile-property-fund"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/789175","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=789175"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/789175\/revisions"}],"predecessor-version":[{"id":789498,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/789175\/revisions\/789498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/612094"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=789175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=789175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=789175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}