SA Retail - R59 Million centre extends SA Retail-V
SRL
SRL
SA Retail - R59 Million centre extends SA Retail-Vukile partnership
S A RETAIL PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/025764/06)
(JSE Code: SRL & ISIN Code: ZAE000034328)
("SA Retail" or "the Company")
24 October 2006
R59 MILLION CENTRE EXTENDS SA RETAIL-VUKILE PARTNERSHIP
The development of a R59 million shopping centre, co-owned by SA Retail
Properties Ltd and Vukile Property Fund, is nearing completion on a site in
Kings Road, Pinetown.
"Pine Walk Centre extends the SA Retail-Vukile partnership in Pinetown,"
says Peter Sparks, managing director of SA Retail. "It is opposite Pine
Crest Shopping Centre, which is co-owned by the two funds."
Sparks says the development of the shopping centre was prompted by
successful trading at Pine Crest Shopping Centre and strong tenant demand
for additional space.
"The development reinforces the Kings Road location, a busy pedestrian
route, as a strategic retail node in the Durban metropole. It also
complements the national tenant mix in Pine Crest which has been recording
some of the highest trading densities among national chains. It also
provided an opportunity to introduce retailers previously not represented
in Pinetown to a catchment area spanning all income categories."
The 8 300m2 shopping centre is anchored by a SuperSpar store on a 10-year
lease and other national tenants include Furniture City, Geen & Richards,
Itala Bank, Tops, Ackermans, Mattress King and House of Paints.
Sparks says the initial yield on Pine Walk Centre is projected to be 10,7%
and income growth prospects are favourable.
Pine Walk Centre is the second SA Retail major project coming on stream in
the Durban area shortly. Its opening at the end of November 2006 will
follow a R77 million redevelopment of the Bluff Shopping Centre in Durban
which is set for launch in mid-November.
They are part of a R350 million investment programme by SA Retail. This
has included the R65,5 million acquisition of Willow Way Shopping Centre, a
dominant convenience centre in Lynwood, Pretoria; the R43 million
acquisition of Dube Village Mall in Kwa-Mashu, Durban; the opening of
Umlazi Mega City, a R165 million joint development in Durban with Martprop;
and the purchase of Hubyeni Shopping Centre, now under construction at
Elim, Limpopo, for R86 million.
Date: 24/10/2006 04:20:39 PM Produced by the JSE SENS Department
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