The Futuregrowth Community Property Fund (Comprop) has acquired Sam Ntuli Mall, which brings its portfolio to 24 shopping centres, with a total gross lettable area of more than 420 000m2, valued at more than R7.3bn.
Sam Ntuli Mall is a recently developed regional shopping centre situated in Katlehong, approximately 28 kilometres south-east of the Johannesburg CBD. The 30 276m2 shopping centre is anchored by Shoprite, Pick ‘n Pay, Boxer and Cashbuild, with an internal mall as well as a number of line shops trading directly onto a parking area that includes several drive-thru offerings.
Sam Ntuli Mall is centrally located and is easily accessible via Tugela Street and Masakhane Street. The shopping centre has excellent commuter access with an on-site taxi rank servicing local routes and the main taxi rank located less than one kilometre away, servicing commuters to and from Johannesburg.
“The acquisition of Sam Ntuli Mall falls in line with our long-term strategy of investing in high quality retail shopping centres across SA, that are underpinned by strong income growth potential for our investors and service the low to middle income households by delivering high quality goods and services at affordable prices,” Smital Rambhai, the Fund Manager of Comprop said.
Comprop is a flagship fund in Futuregrowth Asset Management’s suite of developmental investments and has been in existence for more than 25 years. All Comprop’s shopping centres are located within townships and rural areas around the country. Comprop competes among other semi-urban and township mall owners such as Exemplar Real Estate Investment Trust.
Capital Land Asset Management is the appointed property and asset manager to Comprop.
In the past Comprop tried to acquire Safari Investments, a semi-urban and township mall owner. In recent weeks, Heriot Reit has taken over Safari.