Redefine buys Makhado centre

Posted On Friday, 06 October 2006 02:00 Published by eProp Commercial Property News
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Listed property loan stock company Redefine Income Fund said yesterday it had acquired the R94m Makhado Crossing shopping centre in Makhado.

Brian Azizollahoff

Redefine said Makhado, previously known as Louis Trichardt, was a “growth node” and the shopping centre was the “last centre before the Zimbabwe border”.

The 13500m² centre, which is being developed by Rand Merchant Bank Developments for Redefine, is due to open next month. The acquisition was in line with Redefine’s strategy to increase its retail assets, said the company.

Redefine CEO Brian Azizollahoff said the company would always look at growth nodes.

“Traditional major centres of SA are changing,” he said.

“With the changing demographic, you find that in different provinces, what were historically small towns have become larger centres, which is what has happened in Nelspruit and Polokwane, and Makhado is following suit,” said Azizollahoff.

“It is the last major shopping centre before the Zimbabwe border and it can no longer be considered a small town. It’s a large town and growing.”

He said there were many people travelling from Zimbabwe to SA and Makhado Crossing would be the first retail centre they encountered.

The centre would also offer national tenants such as Pick ’n Pay exposure in Makhado.

“There is no Pick ’n Pay in Makhado and 75% of the tenants are national retailers,” he said.

Azizollahoff said the centre was already about 98% let and there was interest in the balance of space available.

Last modified on Monday, 05 May 2014 09:15

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