| Mon 21 Jan 2008, 16:43 | | SAC - SA Corporate - Umlazi Residents Set To Buy 25% Stake In Township Mall From |
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SAC
SAC
SAC - SA Corporate - Umlazi Residents Set To Buy 25% Stake In Township Mall From
SA Corporate Real Estate Fund
SA Corporate Real Estate Fund
(formerly Martprop Property Fund)
(Incorporated in the Republic of South Africa)
Share Code: SAC & ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by SA Corporate Real
Estate Fund Managers Limited
(formerly Marriott Property Fund Managers Limited)
(Registration number 1994/009895/06)
("SA Corporate")
UMLAZI RESIDENTS SET TO BUY 25% STAKE IN TOWNSHIP MALL FROM SA CORPORATE REAL
ESTATE FUND
SA Corporate Real Estate Fund said today it had finalised an agreement to sell a
25% stake in Umlazi Mega City, a top-performing Durban township shopping centre,
for R50m, to Sizovuna Investments, a company owned by Umlazi residents and
community organisations.
Craig Ewin, CEO of SA Corporate and head of listed real estate at Old Mutual
Investment Group Property Investments, said partnering local interest groups,
through ownership or community engagement, was fundamental to the fund`s
approach to development of shopping facilities in under-serviced areas.
The fund has recently developed its second Umlazi investment, the R90 million
Philani Valley Shopping Centre, to serve the needs of 4 000 Umlazi families
beyond the catchments associated with Umlazi Mega City. It also owns Dube
Village Mall in Kwa Mashu, Durban, and the Hubyeni Shopping Centre, at Elim,
Limpopo.
"The success of Umlazi Mega City in meeting the needs of resident`s can be
gauged from the 17% growth in sales at the centre in December 2007 over the
corresponding month in 2006," said Ewin.
Retailers which include several national chains were achieving trading densities
(sales per square metre) of more than R20 000 at the 35 000m2 centre, which
opened in April 2006.
These turnovers were achieved even though the series of interest rate hikes and
the application of the National Credit Act was dampening consumer spending
across the country, he said.
Akash Maharaj, the centre manager from Old Mutual Investment Group Property
Investments, said another indicator of Umlazi Mega City`s growth was a request
from the local taxi association for additional rank space.
"Our retailers are enjoying increased shopper traffic and more and more
marketers are asking to run product promotions."
Ends
21 January 2008
For further info please contact CEO Craig Ewin - 031 366 1272 / 083 441 0530
Date: 21/01/2008 16:43:18 Produced by the JSE SENS Department.
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