Investec Property Group has leased all of the 124 stores under its letting mandate for the 39,100m2 Liberty Midlands Mall, prior to its opening on September 25.

The remaining eight stores, bringing the total to 132, have been let to targeted local retailers by Liberty Properties for tenant mix purposes.

This means that the R300 million Liberty Midlands Mall is fully let before opening, a feat which has seldom, if ever, been achieved in a new shopping centre of this nature in South Africa.

Investec Property Group's commitment to the leasing of Liberty Midlands Mall has ensured that on its first day of trading, 98 per cent of the stores will open their doors to customers from Pietermartizburg and the Kwa-Zulu Natal Midlands -- as far afield as Howick, Mooi River and Escort. The remaining two per cent are committed and will open soon thereafter.

According to Steve Grupel, head of Letting at Investec Property Group, the tenant mix has all the ingredients for success with leading national retailers, including anchor tenants Pick 'n Pay, Game and Woolworths, local traders and franchisees which will occupy a substantial 60 stores.

"Being the only regional centre for the Pietermartizburg and surrounding area, we wanted to create a strong balance between fashion, service, entertainment, restaurants, groceries and convenience for the community," said Grupel.

Included in the fashion mix are Truworths, Foschini Group, Jet, Mr Price Group, Ackermans, Topics and Cape Union Mart. Banking tenants Absa, Standard Bank, First National Bank and Old Mutual Bank will also serve their customers from Liberty Midlands Mall.

A vibrant food court with communal seating will boast restaurants, coffee shops and fast foods including Mugg & Bean, Ocean Basket, Spur, Panarotti's, Nando's, KFC, Wimpy and Nino's amongst others.

Other tenants secured by Investec Property Group include a 7-cinema complex run by KZN-based operator, CineCentre, as well as Incredible Connection, Clicks, Boardmans, Exclusive Books, CNA, and Reggies.

The development of Liberty Midlands Mall was originally assembled by an Investec Property Group and RMB Properties joint venture, which owned some of the land on which the mall has been constructed. The joint venture optioned the adjoining land and sold the development package to Liberty Properties in June 2002, however Investec Property Group retained the leasing mandate.

The value of leases concluded by Investec Property Group in terms of its mandate exceeds R150 million, which shows the level of need that exists for this retail mall in the Midlands area.

Ends

For further information, please contact:

Investec Property Group

Steve Grupel

Tel. 011 286 7000

or

Marketing Concepts

Sandy Davey

Tel. 011 880 2213