Johannesburg – Community Property Fund (CPF), controlled by the financial services group Old Mutual, has acquired King Senzangakona Shopping Centre (KSSC) from Vukile Property Fund.
The CPF has over the years been aggressive in acquiring rural and township retail properties throughout South Africa.
The deal to buy was given the nod by the competition authorities on Thursday.
“After hearing and considering submissions from the Competition Commission and the merger parties, the tribunal concluded that the transaction does not raise any competition concerns,” Gillian de Gouveia, the spokesperson of the Competition Tribunal of South Africa, said.
“In relation to public interest considerations, the merger parties have provided an unequivocal statement that the transaction will not have a negative impact on employment, i.e., there will be no merger-related retrenchments or any job losses. The transaction does not raise any further public interest concerns,” said De Gouveia.
KSSC is a modern community centre located in the heart of Ulundi in northern KwaZulu- Natal. It consists of various components – the main linear mall with line shops and the central Spar anchor, a formal taxi rank, a KFC drive-through, a fast food court and a stand-alone Game.
The shopping centre boasts 22 365m of gross leasable area and is anchored by Spar, Game and Cashbuild. It provides a further diverse offering of national tenants including Clicks, Truworths, Pep, Mr Price, Nando’s, KFC, Wimpy, Markhams and Total Sport. CPF is a flagship fund among Futuregrowth Asset Management’s suite of developmental investments, with R4.8-billion of properties under management.
The fund currently owns 20 properties in eight provinces.
The shopping centres are located in prime locations within townships and rural areas around the country, including Alexandra Plaza in Johannesburg, Eyethu Orange Farm Mall, Moutse Mall in Elandsdoorn, southern Limpopo and Motherwell Shopping Centre in the Eastern Cape.
The CPF’s property and asset management component is managed by Capital Land Asset Management.
Last year, the group concluded the R1.1-billion sale of its stake in Atlantic Leaf. Vukile, which has assets of R33.6-billion evenly distributed in Spain and South Africa, has also sold all its legacy industrial assets.
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