The Futuregrowth Community Property Fund (Comprop) has acquired Boitekong Mall, bringing its portfolio to 25 shopping centres with a total gross lettable area (GLA) of more than 438 000m2, valued at more than R8 billion.
Comprop is a flagship fund in Futuregrowth Asset Management’s suite of developmental funds and has been in existence for more than 25 years. All Comprop’s shopping centres are in prime locations within townships and rural areas around the country.
The regional 17 649m2 shopping centre is situated in Boitekong, approximately 8km north-east of central Rustenburg in the North West province. Anchored by Shoprite and Cashbuild, the asset includes an internal mall as well as numerous line shops trading directly onto an expansive parking area that includes a KFC drive thru. Expansion opportunities have been identified to further enhance the mall.
“The acquisition of Boitekong Mall will further diversify our portfolio, increasing our exposure to the North West province from 5% to 10%. The acquisition is in line with our long-term strategy of buying quality shopping centres with strong income growth potential and delivering on essential goods and services in rural areas in South Africa,” comments Smital Rambhai, Fund Manager of Comprop.
Capital Land Asset Management is the appointed property and asset manager of Comprop.
