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Old Mutual buys Link Centre.

Posted On Tuesday, 10 December 2002 10:01 Published by eProp Commercial Property News
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Old Mutual has bought The Link shopping center in Claremont, Cape Town, from Momentum Group Ltd for R67-million, the company announced.

Roddy SparksThe Link, which was first built in 1978 and refurbished in 1995, has 53 tenants, the largest being Edgars, Jet and Sales House, in a gross lettable area of 12,963 m2.

Old Mutual MD Roddy Sparks said the acquisition boosted to more than R300- million Old Mutual's commitment to Western Cape property investment and developments this year.

'Current major projects are a R90-million expansion of Cavendish Square, the premier Cape Town shopping and entertainment center adjacent to The Link, and a R114-million development at our Pinelands head office to provide accommodation for the Old Mutual Business School and new offices for Old Mutual Asset Management.'

Also nearing completion was the first R17-million phase of an office park in Pinelands, he said, while the revamp of Cavendish Square was due for completion next April, when Woolworths would open a 7,000 m2 store in the centre.

Sparks said industry estimates indicated the projects have meant work for 10,000 people on construction sites and in the supply support industry, many of them employees of empowerment contractors.

The acquisition of The Link, a popular shopping destination linking Main Road, Claremont, with Cavendish Square, represented a further vote of confidence in a vibrant precinct in which Old Mutual already has substantial investments, Sparks added.

'Apart from the flagship investment, Cavendish Square, which attracts more than a million visitors a month, other major properties there are the Absa on Main office and retail development, the Cavendish Close retail complex and the office building now housing Claremont Office Suites.'

The integration of The Link with Cavendish Square would be handled by Old Mutual Properties, which runs Cavendish Square on behalf of Old Mutual.

Last modified on Friday, 25 April 2014 17:17

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