Exemplar Reit has bought half of Mamelodi Square, a retail centre in Pretoria, from McCormick Property Development.
Exemplar was listed by the John McCormick family in order to raise capital and to benefit from the related tax benefits of real estate investment trusts (Reits).
McCormick Property Development is owned by the family. Mamelodi Square is a 16 533m2
retail centre located in Tshwane, Gauteng which opened for trading in October 2022.
Exemplar CEO Jason McCormick said the Acquisition was in line with Exemplar's strategy to acquire high quality assets from MPD, whose assets have
fundamentals consistent with the existing Exemplar property portfolio.
Exemplar will pay R116.5m for its stake in Mamelodi Square, which shall be paid to McCormick Property Development in cash.
alistair@propertyflash.co.za
