| Mon 26 Mar 2007, 17:04 | | SAC - SA Corporate Real Estate Fund - Press Releas |
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SAC - SA Corporate Real Estate Fund - Press Releas
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 DRAWS SECOND INVESTMENT FROM SA RETAIL PROPERTIES
R90 million neighbourhood centre will cut long shopping trips
SA Retail Properties Ltd is again boosting its assets in under-serviced
communities with the R90 million development of a neighbourhood shopping
centre in Umlazi, Durban.
This will be the second Umlazi investment in a year by SA Retail which will
become part of a R7 billion portfolio when its acquisition by SA Corporate
Real Estate Fund is finalised soon.
The development of Philani Valley Shopping Centre follows last year`s
opening of Umlazi Mega City, a R165 million joint development with SA
Corporate, the R42,8 million acquisition of Dube Village Mall in Kwa-Mashu,
Durban, and the purchase of Hubyeni Shopping Centre, now under
construction at Elim, Limpopo, for R88 million.
Peter Sparks, managing director of SA Retail, says the Philani Valley
centre has strong community backing and will serve the needs of Umlazi
residents beyond the catchments associated with Umlazi Mega City.
"In particular, it will serve the 4 000 families in sections U and Y, as
well as residents on either side of motorway 35 from the intersection of
main road 35 and the Winkelspruit-Pietermaritzburg roads all the way
eastwards to Isipingo.
"Their shopping has been traditionally been in the Durban CBD, Isipingo and
Prospecton and has meant lengthy round trips by car, bus and taxi to bring
purchases home. Because of the topography in the area and lack of road
links, Umlazi Mega City is also a lengthy trip."
Sparks says community needs have been recognised in strong demand for space
in Philani Valley centre, with national tenants already accounting for 75%
of space in the first phase of 32 stores over 10 900mSquared.
"The centre has a projected initial yield exceeding 10,0%. It will be
anchored by a 2 600mSquared SuperSpar and has attracted commitments from
Build it, the Post Office, MTN, Vodacom, Lewis Group, Ithala Bank, Africa
Bank, Tops, KFC, Chicken King, FNB, Pep, Standard Bank and Shell. The
leasing team is confident of securing 100% tenant commitment before the
proposed centre opening in December 2007."
With a second phase of 2 000mSquared, Philani Valley centre will have a
total lettable area of 12 930mSquared and parking for 234 cars. It will
also house a separate service station site.
Sparks says the Philani Valley development will not materially affect the
geographical spread of the SA Retail portfolio. It is increasing its
weighting of Gauteng and Cape properties through the acquisition of 10
properties worth R1,025 billion from a portfolio administered by Sharemax
Investments.
Date: 26/03/2007 16:34:39 Produced by the JSE SENS Department.
