The company acquired the 40 000 m2 Waterfall Mall in Rustenburg for R284,6-million, with the transfer date effective April 1.

It has also purchased a three hectare parcel of vacant land adjoining Waterfall Mall with existing rights for an additional 9 500m2 of retail use.

Growthpoint will extend Waterfall Mall, creating 15 000m2 of space to accommodate national fashion tenants and incorporate a fast food court.

"As a result of the high trading densities at Waterfall Mall, which are showing increases in excess of 27% year-on-year, we are looking to enhance our fashion component," explained Stephan le Roux, Fund Manager for Growthpoint Properties, managed by Investec Property Group.

Growthpoint's expansion of the shopping centre will meet the demand from national retail chains to increase their existing retail space within the centre. The 800m2 fast food court that will form a major component of the extension and new parking facilities will be made available.

Over the last five years total turnover at Waterfall Mall has increased by more than 270% to in excess of R530-million per year.

This growth is largely due to increased mining activity in Rustenburg’s platinum mines.