Exemplar REITail Acquires Katale Square Shopping Centre

Posted On Monday, 23 September 2019 14:54 Published by
Rate this item
(0 votes)

Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping centre.

 -JASON-MCCORMICK-

At 8 734sqm, Katale Square (Marapyane, Mpumalanga) is the first full centre acquisition for the group following the purchase of the refurbished and expanded portions of both Modi Mall in Modimolle, Limpopo (5 054sqm) and Kwagga Mall in KwaMhlanga, Mpumalanga (5 274sqm) in the last quarter of 2018.

The purchase price for Katale Square was R116,000,000 and it is the first of 3 centres that were purchased Exemplar as detailed in the prospectus that was released in May 2018. Mabopane Square (Mabopane, Gauteng) is set for completion and purchase in or about October 2019 while construction on Riba Cross Mall (Burgersfort, Limpopo) will begin by the end of 2019.

Anchor tenants at Katale Square include Shoprite, Shoprite Liquor, Roots and Cashbuild. The full gambit of banking, fashion and food is also accounted for with Absa (ATM), Nedbank (ATM), Standard Bank (ATM), SAPO, Rage, Ackermans, Pep and KFC all represented.

Exemplar listed in June 2018 with a property portfolio value of just over R5 billion and a market capitalisation of just over R3 billion. The group was created from the core of McCormick Property Development – a company with over 35 years of experience in the development and management of retail centres in primarily under-serviced areas.

CEO of Exemplar, Jason McCormick, says the acquisition of Katale Square marks the start of what promises to be an incredible journey. “Acquisitions will play a dual role for us – not only will it accelerate value growth for our shareholders but it gives us the opportunity to broaden our shareholder base and increase liquidity of stock.”

Last modified on Monday, 23 September 2019 15:00

Most Popular

Balwin Properties and ABSA launch South Africa’s first green home loan

Mar 13, 2020
Apartment 71933
JSE-listed Balwin Properties Limited (Balwin Properties or the Company) and Absa Group…

Growthpoint reports a steady first half with its growth strategies paying dividends

Mar 11, 2020
Growthpoint Properties Group CEO Norbert Sassee
Growthpoint Properties (JSE: GRT) reported distributable income growth of 2.2% to R3.2bn,…

Spear REIT launches innovative self-isolation campaign for returning travellers in Cape Town, South Africa to combat COVID-19:

Mar 18, 2020
Double Tree Op
JSE listed Spear REIT Limited, the owner of the Double Tree by Hilton Cape Town, is the…

Financial Fitness – Is this the right time to buy property?

Mar 20, 2020
Governor Lesetja Kganyago SARB1
With the South African Reserve Bank’s announcement of interest rates cut of 100 basis…

Precautions, planning and preparation - the real estate agent's guide to weathering the Covid19 storm

Mar 16, 2020
Corona
With the Corona Virus now in SA and beginning to cause widespread panic, we are not only…

Please publish modules in offcanvas position.