The purchase is consistent with the Fund’s objective of focusing on properties with a strong contractual cash flow in order to enhance distributions to unitholders.

The Investec Property Fund, debuted on the JSE in April 2011, is a limited liability, variable loan stock company with the purpose of investing in direct real estate, where there is potential for income generation and capital growth. The Fund includes a spread of property assets in the office, retail and industrial sectors located primarily in Gauteng but with good representation in the Western Cape and KwaZulu-Natal.

“We acknowledged at listing that we were underweight in retail and have been systematically adding to this portfolio within the Fund. Following our successful acquisition of the Great North Plaza in Musina recently, and with the opportunity to purchase this quality retail shopping centre, we have boosted the retail component from 10% just over a year ago, to 18.5%,” said Sam Leon, Chief Executive Officer.

The Nonquebela Link Mall provides a gross lettable area (GLA) of 7,800m2. It is situated at 1 Sulani Drive, off Bonga Drive (M45), between the suburbs of Victoria Merge and Village 3, North Khayelitsha, adjacent to the Nonquebela train station, taxi rank and bus terminal and only 28 km from the Cape Town CBD.  

National retailers compromise 94% of the tenant profile, with anchor tenant Shoprite, occupying 3,000m2. Other tenants include fashion industry players Ackermans, Pep and Dunns, as well as an Ellerines furniture store.

The Mall also has representation from all the major financial institutions, with Standard Bank and Nedbank having the largest presence.