OLD MUTUAL BOOSTS CAPE PROPERTY PORTFOLIO WITH R67 MILLION.

Posted On Tuesday, 10 December 2002 10:01 Published by
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Old Mutual has bought The Link shopping centre in Claremont, Cape Town from.

Old Mutual has bought The Link shopping centre in Claremont, Cape Town from Momentum Group Ltd for R67 million.

Managing director Roddy Sparks says the acquisition boosts Old Mutual's commitment to Western Cape property investment and developments this year to more than R300 million.

'Current major projects are a R90 million expansion of Cavendish Square, the premier Cape Town shopping and entertainment centre adjacent to The Link, and a R114 million development at our Pinelands head office to provide accommodation for the Old Mutual Business School and new offices for Old Mutual Asset Management. Also now nearing completion is the first, R17 million phase of an office park in Pinelands.

'The revamp of Cavendish Square is due for completion next April when Woolworths will open a 7 000m2 store in the centre.'

Sparks says industry estimates indicate the projects have meant work for 10 000 people on construction sites and in the supply support industry, many of them employees of empowerment contractors.

He says acquisition of The Link, a popular shopping destination linking Main Road, Claremont, with Cavendish Square, represents a further vote of confidence in a vibrant precinct in which Old Mutual already has substantial investments.

'Apart from the flagship investment, Cavendish Square, which attracts more than a million visitors a month, other major properties there are the Absa on Main office and retail development, the Cavendish Close retail complex and the office building now housing Claremont Office Suites. '

The Link, which was first built in 1978 and refurbished in 1995, has 53 tenants, the largest being Edgars, Jet and Sales House, in a gross lettable area of 12 963m2.

The integration of The Link with Cavendish Square will be handled by Old Mutual Properties which runs Cavendish Square on behalf of Old Mutual.

ISSUED FOR Old Mutual

BY Michael Kerkhoff & Associates

INQUIRIES Ian Watt 021-530-4537

Mike Kerkhoff 021-424-5280/082-882-8559


Publisher: OLD MUTUAL
Source: OLD MUTUAL

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