100% black-owned and managed property investment, development, and management company, Akani Properties, has acquired the Nicolway Bryanston shopping centre for R1.1 billion on behalf of its client, the Municipal Employees Pension Fund (MEPF).
The transaction was approved by the Competition Tribunal in December 2021, and it includes the acquisition of all properties in the Nicolway Precinct; the Nicolway Bryanston Shopping Centre, the Decathlon retail component as well as the Nicolway West offices, all rights in the leases of all the properties and all other assets necessary for the carrying out of the business enterprise.
“The acquisition of Nicolway Bryanston demonstrates our optimistic view on the recovery of the South African economy from the effects of the Covid-19 pandemic”, commented MD of Akani Properties, Zamani Letjane. “We are also seeing a shift from large shopping malls to small convenient shopping centres – a growing trend that presents growth opportunities for our property portfolio”.
“The Nicolway Bryanston acquisition will greatly improve our client’s balance sheet and income stream as the transaction is underpinned by quality tenants with long-dated leases. The centre is 75% anchored by national tenants such as Woolworths, Food Lovers Market, Dischem, Checkers, etc.”.
The shopping centre is well located in terms of access and visibility on the William Nicol Road in the heart of Bryanston and it is strategically located in a high LSM area surrounded by the Bryanston commercial node. The office node is showing strong growth and it is likely to expand over the next ten years.