South Africa: Futuregrowth property fund acquires another shopping centre
The Futuregrowth Community Property Fund (Comprop) has acquired KG Mall, which brings the Comprop portfolio to 23 shopping centres, with a total gross lettable area of more than 392,000m2 valued in excess of R6.6 billion (c. $378.2 million).
KG Mall is a shopping centre situated at the entrance to the Kwa-Guqa township in Emalahleni, which is approximately 95km east of Pretoria. 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-thru.
Smital Rambhai, the fund manager of Comprop said, “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.”
Comprop is a flagship fund among Futuregrowth Asset Management’s suite of developmental investments. All Comprop’s shopping centres are located in prime locations within townships and rural areas around the country.