The Futuregrowth Community Property Fund (Comprop) has acquired two prime shopping centres, King Senzangakhona Shopping Centre, and Murchison Mall, from two listed REITs, bringing its portfolio to 22 shopping centres with a total Gross Lettable Area (GLA) of more than 369 000m2 valued at R5.4 billion plus.
The 22 373m2 King Senzangakhona Shopping Centre is a modern regional shopping centre in Ulundi, KwaZulu-Natal, approximately 240 km north of Durban. It is anchored by Superspar, Game, and Cashbuild and it is situated adjacent to the R66, the main road running through Ulundi.
Murchison Mall is an enclosed shopping centre in Ladysmith, KwaZulu-Natal, approximately 236 km inland from Durban. The 18 645m2 centre is anchored by Shoprite and it is situated in the Ladysmith CBD, opposite the town’s main taxi rank.
“We are look forward to creating further positive community impact through these new acquisitions while delivering strong stable long-term returns with a low degree of volatility for our investors” commented Smital Rambhai, Portfolio Manager of the fund.
Comprop is a flagship fund among Futuregrowth Asset Management’s suite of developmental investments. Its shopping centres are in prime locations within townships and rural areas around South Africa.