Burstone Group, in partnership with Flanagan & Gerard, has jointly acquired The Neighbourhood Square, a convenience shopping centre in Linksfield, Johannesburg, from Investec Property for R380 million.
Burstone and Flanagan & Gerard will each acquire a 50% stake in the retail asset following Investec granting Burstone a right of first offer over certain properties post its management internalisation process which saw the transition of Investec Property Fund into the Burstone Group in 2023.
“The Neighbourhood Square is a strategically important asset, and the acquisition reflects our priorities of focusing on property fundamentals and collaborating with best-in-class partners, in this case, Flanagan & Gerard. The deal is a great example of our strategy to deliver income and capital growth over the long-term,” says Andrew Wooler, CEO of Burstone Group.
The Neighbourhood Square is a newly built, high-quality, open-air, dominant nodal convenience retail centre. It has strong operating fundamentals with zero vacancies, an average trade density of c.R7 000 per square metre, a weighted average lease expiry (WALE) of 4.3 years, and c.86% national retail tenants anchored by Checkers and Woolworths.
