Redefine Properties has concluded its acquisition of a holding in Pan Africa Shopping Centre in Alexandra.
“As Pan Africa and other recent acquisitions demonstrate, Redefine views its retail portfolio as a key driver for sustained long-term growth, both in terms of the company and national socioeconomic development,” comments Redefine’s CEO, Andrew König.
Located on the corner of 3rd Street and Watt Street in Alexandra, Gauteng, Pan Africa Shopping Centre boasts a current gross lettable area (GLA) of 15 775m2, serving as a cornerstone for its community and surrounding areas. The double-level centre is home to a wide range of national and independent retailers as well as fast food outlets. Notably, it was the first of its kind in South Africa as it was built with fully integrated public transport which included a taxi facility.
The shopping centre is undergoing a multi-phase upgrade and expansion process which will result in its lettable area increasing to over 25 000m2, featuring bigger spaces for existing retailers as well as new editions including W Edit, Pick n Pay Clothing, and Sportscene. The expansion is scheduled for completion in October 2024.
ESG credentials of the centre will be enhanced through the inclusion of solar, propel air toilets, and energy efficient lighting. The centre will also have full back up power and water to ensure retailer’s trade will not be affected by disruptions.
“Pan Africa represents a step forward in expanding our local portfolio and is an example of our commitment to facilitating a quality communal shopping experience for all South Africans. Going to your local centre, should be an exercise in comfort, safety and convenience, the defining attributes of any mass retail space,” König explains.
Redefine’s purchase of Pan Africa Shopping Centre comes on the heels of the company’s full acquisition of the Mall of the South, one of South Africa’s largest retail properties located in Johannesburg South, from previous co-owner RMB Investment and Advisory (RMBIA).
“Retail accounts for more than 40% of Redefine’s asset platform in South Africa. In alignment with our retail strategy and capital allocation plan, these acquisitions show we are looking to the future, to develop and manage properties that speak to a corporate vision and identity characterised by excellence, diversity, and versatility,” König concludes.
