SA Retail buys into Pinetown’s Sanlam Centre

Posted On Monday, 01 March 2004 02:00 Published by eProp Commercial Property News
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Listed property loan stock company SA Retail Properties has bought a 50% undivided share of Sanlam Centre in Pinetown from Sanlam for R95,4 million.

Property-Housing-ResidentialThis follows the acquisition by SA Retail of a R311 million portfolio in 2001, and continues the good relationship between the companies. The investment raises SA Retail’s assets to R1,1 billion. According to Sanlam Properties the remaining 50% share of the regional shopping centre is earmarked for a new property loan stock company scheduled to be listed on the JSE by May 2004. Marriott Retail will manage Sanlam Centre from the beginning of July.

Peter Sparks, managing director of SA Retail, says the deal will accelerate diversification into regional centres that will eventually comprise 35% of the company’s growing portfolio. "SA Retail previously focussed on smaller convenience shopping centres but we are broadening investment to cover the full spectrum of retail property."

The 38 000sqm Sanlam Centre has 90 shops and was recently refurbished at a cost of R65 million. It serves the Pinetown area, and the Winston Park, Everton, Gillitts and Kloof suburbs. Shoppers represent all income categories.

The centre is 84% anchored by national tenants including Pick ‘n Pay, Game and Woolworths, and is almost fully let with vacancies under one percent.

All the tenants reported turnover growth between 15% and 100% since the refurbishment and the major tenants have reported exceptional trading densities of up to R35 000 a square metre a year, he says. Sanlam Centre is accessible and has 1 300 parking bays.

For more information contact Peter Sparks 0824625887

Last modified on Saturday, 10 May 2014 12:16

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