The centre is the largest regional mall developed in a predominately black South African township.  It boasts 107 stores of which many are major retailers entering this market for the first time.  National tenants include Game, Edgars, CNA, Woolworths, the Foshini Group, Truworths and Identity, Meltz, Mr Price with Sheet Street and Milady’s, Spur, McDonalds and Clicks.

In addition to the major national retailers, more than half (57) of the stores are black-owned. 

The centre was developed by Greenwold Property Developments.  It is 45% owned by a consortium consisting of Nedbank Corporate Property Finance’s Property Partners division and Khulemani Masingita Holdings Pty Ltd, with the remainding 55% being held by Resilient Property Income Fund.

Ken Reynolds, Divisional Director for the Gauteng division of Nedbank Corporate Property Finance said that their involvement in the Mall indicates Nedbank Corporate Property Finance’s commitment to the development of Soweto.  “It’s about time Soweto gets to enjoy the benefits of a mall of this size, and the calibre of tenants it offers.  We are also particularly proud that so many people have been empowered by the development of this Mall.  In addition to the high number of black owned businesses, the Mall has been directly responsible for creating over 2500 jobs in total – during development and now that it is trading.”

The Nedbank Corporate Property Finance/Masingita acquisition, which has been under negotiation for nearly a year, has recently been finalised.  This followed the Resilient Property Income Fund purchase in early February of 55% of the approximately R350 million centre, also funded by Nedbank Corporate Property Finance.

Masangita is a black empowerment partner of Nedbank Property Partners.  It is headed up by Mike Nkuna and Nedbank has a 35% stake in the company. The joint venture company known as Masingita Property Investment Holdings (Pty) Ltd has successfully traded a property in Witbank, is a partner in the Bara Mall development, is involved in building the first closed mall in Giyani and is developing the first shopping centre in Diepsloot.

The stake was purchased from the developer behind Jabulani Mall, Greenwold Property Developments, which is well known for developing centres in townships and has extensive experience in developing retail centres in previously under developed areas of South Africa.

The centre will be “handed over” to the community on Friday evening, 27 October 2006.  Schools within the area have been invited to spell the name “Jabulani” in the parking area by candlelight.  The tenants have shown their commitment and have donated in excess of 400 food parcels for the children that evening. 

Distributed on behalf of NCPF by: Percheron Public Relations & Marketing
Gillian Bouchier
Cell: +27 82 892 8378
email:  This email address is being protected from spambots. You need JavaScript enabled to view it.

For further information please contact: Ken Reynolds
Nedbank Corporate Property Finance
Tel:  +27 11 294 1649
Cell: +27 82 900 4244
email:  This email address is being protected from spambots. You need JavaScript enabled to view it.