Newmarket Value Centre – exterior view
Nedbank Corporate Property Finance has entered into a partnership with Rejem Property Development (Pty) Ltd and Style Star Investments (Pty) Ltd to develop the R450 million Newmarket Value Centre in Alberton.
The transaction has been made possible through a joint venture between Nedbank Corporate Property Finance’s investment arm (acting through Linton Projects (Pty) Ltd), Rejem and Style Star, a division of the Moolman Group. Linton Projects and Rejem jointly own 56% of the undivided shares in the project, while Style Star owns the remaining 44%.
As part of the greater Newmarket Park mixed-use development, being undertaken by Rejem and Linton, the 34 000 m² value centre boasts tenants such as Builders Warehouse, Virgin Active, Food Lovers Market and Checkers Hypermarket. Restaurants include Spur, John Dory, Panarotti’s and Mugg & Bean. The centre is expected to open in October 2015.
Ken Reynolds, regional executive: Nedbank Corporate Property Finance for Gauteng says that the centre is being designed to become an 80 000 m² regional shopping centre in time. “The development site is the old Newmarket racecourse, and Newmarket Park is a 77.3 hectare property south-east of the Alberton CBD. It is surrounded by well established residential areas and there is scope for major development in this node. The bank financed and holds an equity stake in the Makro that opened on the site in April last year, making the value centre our second development in the park so far.”
“Rejem Property Development and the Moolman Group have strong reputations in property development, with sound knowledge and experience, and Nedbank Corporate Property Finance is proud to partner with these trusted and successful developers once again,” concludes Reynolds. “We have established a close relationship with both parties and will continue to be a dependable partner that not only provides agile solutions but also equity partnerships where appropriate. Our continued collaboration with strong developers, as well as our equity stake in developments such as this one highlight why Nedbank continues lead the market in realising property opportunities.”