June 24 2024 21:15
The Futuregrowth Community Property Fund (Comprop) has acquired Boitekong Mall, which brings the Comprop portfolio to 25 shopping centres, with a total gross lettable area of more than 438 000m2, valued at more than R8bn.
Comprop is an unlisted fund which has been active on the acquisition front in recent years. The group tried to take over semi-urban area mall owner Safari Investments a few years ago. Since the end of the pandemic, numerous investors have bought into unlisted groups like Comprop as opposed to focusing on owning stakes in listed funds.
Boitekong Mall is a regional shopping centre located in Boitekong, approximately 8km north-east of central Rustenburg in the North West province. The 17 649m2 shopping centre is anchored by Shoprite and Cashbuild, with an internal mall as well as a number of line shops trading directly onto an expansive parking area that includes a KFC Drive Thru. Expansion opportunities have been identified to improve the centre.
Boitekong Mall is on Lalabhai Dudhia Drive, off the R510 which feeds directly into Rustenburg. Comprop said that the shopping centre has excellent access for commuters with an onsite taxi rank, and extensive parking available for customers with vehicles.
Smital Rambhai, Comprop Fund Manager
“The acquisition is in line with our long-term strategy of buying quality shopping centres with strong income growth potential and delivering on essential goods and services in rural areas in South Africa,” said Smital Rambhai, Comprop’s fund manager.
Comprop is a flagship fund in Futuregrowth Asset Management’s suite of developmental funds and has been in existence for more than 25 years. All of Comprop’s shopping centres are in townships and rural areas across South Africa.
Capital Land Asset Management is the property and asset manager of Comprop. Capital Land is an investment property boutique involved in the asset and property management of institutional and private commercial property portfolios in South Africa.
alistair@propertyflash.co.za
