Vukile Property Fund has acquired the Pan Africa Shopping Centre in Alexandra township in Johannesburg as well as the asset’s second phase extension due for completion in 2024. Source: Atterbury Following the fulfilment of conditions precedent, the R669m acquisition will be funded out of proceeds from sales and existing resources and will not affect Vukile’s current loan-to-value of 43%. The 16,000m2 Pan Africa Shopping Centre opened in 2009 and was South Africa’s first fully-integrated shopping
Cape-based property group, Flyt Property Investment has acquired hospitality management specialist firm Wink ApartHotels from Indalo Hotels and Leisure. The transaction will see Flyt take over the management of the short-to-medium stay and long-term leasing aspects, hospitality management and administration of three properties under the Wink banner. Source: Supplied The three properties include: Eaton Square, situated in the regenerated node of Diep River, Cape Town; student accommodation development, WINK Quivertree in Stellenbosch and the swanky
The recent repo rate increase is likely to drive investor movement towards Cape Town, which is currently seeing the strongest rental growth of the major industrial conurbations and is widely regarded as a well-run city and largely free of national tenders. Image: Supplied This is according to Brent Townes, commercial property chief operating officer for Lew Geffen Sotheby’s International Realty in Cape Town, who says: “Nominal rentals for prime industrial space of 500m² grew by
The South African retail sector is showing strong signs of recovery, with shopper activity returning to pre-pandemic levels. “While many feared that a combination of loadshedding, the Covid-19 lockdown and the rise of online shopping would lead to the demise of brick-and-mortar stores, this sector has outperformed expectations with strong quarterly growth,” says John Jack, CEO of Galetti Corporate Real Estate. “The steady growth of the economy as Covid-19 restrictions have subsided is reflected in
With [one day] to go until opening to the public, workers rush to put the finishing touches on the Kwena Square shopping complex, a shiny $13m sign that South Africans are defying the global “retail apocalypse”. Source: Reuters/Siphiwe Sibeko   Not even Covid-19 could separate them from their beloved malls. “I love going to the mall with my daughter and my grandkids,” said 54-year-old Kowie Erasmus, who’s eagerly awaiting Friday’s grand opening of Johannesburg’s Kwena