May 13 2024 20:15
JSE listed Redefine Properties has concluded its acquisition of a holding in the Pan Africa Shopping Centre in Alexandra.
Andrew König, Chief Executive Officer of Redefine, said the addition of the centre to the company’s portfolio demonstrated confidence in South Africa’s retail property sector.
“As Pan Africa and other recent acquisitions demonstrate, Redefine views its retail portfolio as a key driver for sustained long term growth, both in terms of the company and national socioeconomic development,” he said.
Located on the corner of 3rd Street and Watt Street in Alexandra, Gauteng, Pan Africa Shopping Centre has a current GLA size of 15 775 square metres and serves as a cornerstone of the community of Alexandra and surrounding areas. The easy-to-navigate, double-level centre is home to a wide range of national and independent retailers, as well as fast food outlets. Notably, the centre was a first of its kind in South Africa as it was built with fully integrated public transport, which included a taxi facility.
The shopping centre is undergoing a multi-phase upgrade and expansion process that will see the centre’s lettable area increase to more than 25 000 square metres, featuring bigger spaces for existing retailers such as Truworths and Mr Price Group, as well as new additions such as W Edit, Pick ‘n Pay Clothing and Sportscene. The expansion is scheduled to be completed in October this year.
The centre will also have full back up power and water to ensure trade will not be affected by disruptions.
“Pan 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. Going to your local centre, should be an exercise in comfort, safety
and convenience, the defining attributes of any mass retail space,” König said.
According to Redefine’s results for the interim period ended 29 February 2024, the company’s local portfolio has largely stabilised, with signs of improvement across most operating metrics. In that period, Redefine completed 379 147square metres of leases, with new deals accounting for 42% and renewals making up the balance. In addition, renewal reversion rates improved from -6.7% at August 2023 to -6.0% at February 2024, demonstrating the quality of Redefine property assets.
alistair@propertyflash.co.za
