December 7 2022
Futuregrowth’s Comprop continues to grow rapidly, now owning more than R6.6bn in assets
The Futuregrowth Community Property Fund (Comprop) has acquired KG Mall, which brings its portfolio to 23 shopping centres, with a total gross lettable area of more than 392 000m2 valued in excess of R6.6bn.
KG Mall is a shopping centre situated at the entrance to the Kwa-Guqa township in Emalahleni, which is approximately 95kms east of Pretoria in Gauteng. The 21 483m2 shopping centre consists of a single-storey main internal mall with a central Shoprite anchor, as well as a number of line shops and a Cashbuild that trade onto an expansive parking area which includes a KFC and a McDonald’s drive-through.
KG Mall is accessible via Mathews Phosa Street, which is located off the N4 and via the main Kwa-Guqa taxi rank. A pedestrian crossing allows for easy access for customers on foot from the taxi rank and the neighbouring community.
Smital Rambhai, fund manager of Comprop said the deal would help to cement the unlisted fun’ds position as a top player in the communoity retail space.
“The acquisition of KG Mall fits in with our long-term strategy of acquiring dominant quality shopping centres with strong national tenants that will have strong sustainable income growth over the long term for our investors,” he said.
Comprop is a flagship fund among Futuregrowth Asset Management’s suite of developmental investments. All Comprop’s shopping centres are situated within townships and rural areas around the country. Comprop has in the past tried to expand through making a takeover offer for Safari Investments. Currently, Heriot Reit is making progress in taking over Safari as it waits for Safari’s investors to respond to its offer by Friday December 9 2022.