The Futuregrowth Community Property Fund (Comprop) has acquired the recently developed, regional shopping centre, Sam Ntuli Mall, in Katlehong, approximately 28 kilometres south-east of Johannesburg, bringing the Comprop portfolio to 24 shopping centres with a total GLA (Gross Lettable Area) of more than 420 000m2, valued in excess of R7.3 billion.
The 30 276m2 shopping centre is anchored by Shoprite, Pick n Pay, Boxer, and Cashbuild with an internal mall as well as a number of line shops trading directly onto an expensive parking area that includes several drive-thru offerings. It has excellent commuter access with an on-site taxi rank servicing local routes and the main taxi rank located less than 1 kilometre away.
“The acquisition of Sam Ntuli Mall falls in line with our long-term strategy of investing in high quality retail shopping centres across South Africa, that are underpinned by strong income growth potential for our investors and service the low to middle income households by delivering high quality goods and services at affordable prices. The acquisition brings the Comprop portfolio to R7 billion in size, which makes it one of the biggest specialist property funds in South Africa,” commented Smital Rambhai, the Fund Manager of Comprop.