Investec Property Fund expands recently acquired Dihlabeng Mall in Bethlehem

Posted On Tuesday, 09 September 2014 12:29 Published by
Rate this item
(0 votes)

When the Investec Property Fund (IPF) listed on the JSE in April 2011 the portfolio included only four retail properties worth R174 million.

Dihlabeng Mall

Today the Fund boasts 29 quality retail assets, including big box retail and motor dealerships, valued at R2,7 billion out of the total portfolio valued at R6,6 billion.

The Fund acquired the newly developed and dominant 27,000 m2 Dihlabeng Mall in Bethlehem, Freestate, for a cash consideration of R358 million in June this year, with Pick n Pay, Shoprite, Game and Edgars as anchor tenants. Construction has already commenced on a 5,000m2 extension to Dihlabeng Mall to be anchored by a full-line Woolworth's store of over 3,000m2.

"The addition of Woolworths as a fifth anchor tenant cements the Mall's positioning as the dominant regional retail hub in the Greater Bethlehem area, and the only mall of its size in a 300km radius," says IPF CEO Sam Leon.

The Mall also boasts a full range of national tenants including the Foschini Group, Mr Price, Truworths and the Pepcor Group, as well as major banks, with 95% of its income derived from national brand names. There is high demand for the remaining space in the expansion not occupied by Woolworths which will further enhance the tenant mix. The centre has a range of dining options including a Spur, Panzarotti's and a Mugg & Bean, thus giving customers and the community a comprehensive offering.

"The acquisition and expansion reflect our strategy of investing in retail property which is either dominant or niche in its sub market, making it not only sustainable but defensive against risk and competition," added Leon.

The expansion is scheduled to open for trading in August 2015.

Most Popular

Growthpoint begins construction of the Kent residential apartments in KZN

Aug 26, 2021
Marius Els, Development Project Manager at Growthpoint Properties
Growthpoint Properties (JSE: GRT) has commenced the development of Kent, its first…

On Auction: Iconic Redevelopment Opportunity in Oranjezicht Cape Town

Aug 26, 2021
The_Lenox
Currently operating as a 43 room guesthouse / backpackers.

On Auction: Spacious offices with multiple amenities in Norwood

Aug 26, 2021
Default Image
Spacious offices with multiple amenities on Auction in Norwood.

On Auction: Retail & Offices Property with unutilised bulk in Rivonia Johannesburg

Aug 26, 2021
KTM_Building
The anchor tenant is Road Adventure Dirt (Pty) Ltd (RAD) which is the premier KTM…

Prevance Capital launches the Executive Premier Funding Solution, targeted at experienced, successful property developers and businesses in South Africa

Sep 14, 2021
Are you tired of waiting for lengthy traditional funding methods to be approved? Prevance…

Please publish modules in offcanvas position.