Redefine Properties, South Africa’s listed real-estate investment trust (REIT), has concluded its acquisition of a holding in Pan Africa Shopping Centre in Alexandra.
Andrew König, Chief executive officer at Redefine, said the addition of the centre to the company’s portfolio demonstrates 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."
Located on the corner of 3rd Street and Watt Street in Alexandra, Gauteng, Pan Africa Shopping Centre boasts a current GLA size of 15 775sqm and serves as a cornerstone of the community of Alexandra and surrounding areas.
Pan Africa Shopping Centre is undergoing a multi-phase upgrade and expansion process that will see the centre’s lettable area increase to over 25 000sqm, 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.
ESG credentials of the centre will be enhanced through the inclusion of solar, propel air toilets and energy efficient lighting. The centre will also have full back up power and water to ensure retailer’s trade will not be affected by disruptions.
Redefine’s purchase of Pan Africa Shopping Centre comes on the heels of the company’s full acquisition of the Mall of the South – one of South Africa’s largest retail properties located in Johannesburg South – from previous co-owner RMB Investment and Advisory (RMBIA).
Retail accounts for more than 40% of Redefine’s asset platform in South Africa.
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