Umlazi venture boosts funds

Posted On Friday, 28 January 2005 02:00 Published by
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Property analysts have welcomed a move by SA Retail Properties and Martprop Property Fund to develop a R150m shopping and services centre in Umlazi, Durban
By Nick Wilson

Property analysts have welcomed a move by SA Retail Properties and Martprop Property Fund to develop a R150-million shopping and services centre in Umlazi, Durban.

Commentators say the development should benefit both funds because of the increase in the spending power of the emerging black middle class.

The funds, both managed by Marriott Corporate Property, said this week that the 28000m² Umlazi Mega City would be ready by year-end.

Property company Mark II Project Managers signed a 40-year lease with Transnet for the land on which the centre will stand. The lease has been ceded to SA Retail and Martprop, with an option to renew.

Martprop MD Roger Perkin said negotiations were advanced for a third of the ownership to pass to a black empowerment company. If the negotiations are successful, SA Retail, Martprop and the empowerment company will each own a third of shares in the investment.

Provest MD Angelique de Rauville said the retail property sector would continue to outperform offices and industrial property. She said rural retail property would do particularly well.

Business Day


Publisher: Business Day
Source: Business Day

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