The Futuregrowth Community Property Fund 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 in excess of R8 billion.
Boitekong Mall is a quality regional shopping centre situated in Boitekong, located approximately 8 kilometres 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 further enhance the retail asset.
Boitekong Mall is situated on Lalabhai Dudhia Drive, situated off the R510 which feeds directly into Rustenburg. The shopping centre has excellent access for commuters with an onsite taxi rank, and extensive parking available for customers with vehicles.
The Fund currently owns 24 properties in eight provinces. The shopping centres are located in prime locations within townships and rural areas around the country.
Smital Rambhai, the Fund Manager of Comprop said: “The acquisition of Boitekong Mall will further diversify our portfolio, increasing our exposure to the North West province from 5% to 10%.
"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.”
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 Comprop’s shopping centres are located in prime locations within townships and rural areas around the country.
Capital Land Asset Management is the appointed property and asset manager of Comprop. Capital Land is a leading investment property boutique involved in the asset and property management of institutional and private commercial property portfolios in South Africa.
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