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Mandela Square stake sold

Posted On Thursday, 02 October 2008 02:00 Published by
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Financial service group Liberty Group, through its property arm Liberty Properties, now owns the landmark Nelson Mandela Square in Sandton.

Sure Kamhunga

Companies Editor

Financial service group Liberty Group, through its property arm Liberty Properties, now owns the landmark Nelson Mandela Square in Sandton.

The group announced on Wednesday it had paid R231m for the 22,97% stake previously owned by Transnet Pension Fund.

Liberty already owns 75% of Sandton City, reputed to be the most expensive piece of real estate in Africa, and is spending R1,77bn to refurbish the complex and expand lettable space to meet demand for space from corporate and retail clients.

Liberty Properties CEO Samuel Ogbu said yesterday the acquisition made economic and investment sense, particularly considering that the combined Sandton City and Nelson Mandela Square was Africa's largest retail, fashion and entertainment complex, attracting 18-million visitors a year. When combined with the foot traffic at the adjacent Sandton City, this figure rises to more than 47-million visitors.

“Liberty had an option to buy the minority stake held by the Transnet Pension Fund and when the opportunity arose in midyear we were eager to pursue it,” Ogbu said.

“The property is a good investment and we have great confidence in the future and the potential of Sandton. In addition, the purchase fits well with our strategy of taking the Sandton City complex to a new level."

The value of the retail component of the Liberty Group property portfolio stands at R11bn.

Source: Business Day


Publisher: I-Net Bridge
Source: I-Net Bridge
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