Rebosis Property Fund buys Sunnypark Shopping Centre for R573m

Posted On Wednesday, 14 August 2013 09:22 Published by Commercial Property News
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Rebosis Property Fund buys Sunnypark Shopping Centre for R573m from Zenprop Property Holdings.

Sunnypark Shopping CentreThis high value property is located in a well-established residential and growing office node‚ dominating retail trade on the periphery of the Pretoria Business / Government precinct.

The Sunnypark acquisition is consistent with Rebosis’ approach of investing in large high-quality and dominant retail properties, thus adding great diversity to their portfolio.

The Shopping Centre has been around for nearly 40 years and whilst serving the community as an integral part of consumers’ lives, the Centre was somewhat gloomy and under-utilized. Sunnypark has been refurbished several times over the past three decades. However, the last major redevelopment by Zenprop Property Holdings worth R350 Million commenced in June 2007 and was completed early 2009.

The transformation has been well received by many and most importantly by Rebosis Property Fund. Rebosis Property Fund‚ a significant black-held property company which listed on the JSE last year, successfully concluded the purchase of Sunnypark Shopping Centre from Zenprop Property Holdings.“We continue to grow the fund through strategic acquisitions”, said Mr Sisa Ngebulana, CEO of Rebosis Property Fund. 

Commenting on the company’s prospects, Mr Ngebulana, says “Our strategy of growing the portfolio and distributions through investments in high-quality retail and commercial properties is delivering according to plan.”

Consequently, the Sunnypark purchase adds critical mass and quality to Rebosis's property portfolio and further expanding the company’s potential.

The 24‚318sqm retail space morphed into a legendary Shopping Centre comprising of leading national retailers that now cater for all shopper requirements from top fashion to South African’s best food brands, purposefully engaging a shopper’s perception of convenience, modernity, grandeur and pleasurable experiences. 

Last modified on Wednesday, 14 August 2013 11:17

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