The group is after rand hedge opportunities, and says this investment complements its other dollardenominated projects in southern Africa, southeast Asia, and the UK.

Trading as Sapphire Retail Fund, the UK vehicle is a joint venture between Corovest, UK property developing company Stannerfer and The Bank of Scotland.

Corovest MD Mike Watters, who will be moving to London to bed down the investment, says the group will be on the lookout for further opportunities in the UK and Europe. Two of the four centres are in London, the third is in Cardiff and the fourth in Burnley, outside Manchester.

Watters says the centres carry respectable national tenants in 70% of their total space and should offer attractive returns. Initial total return on this investment is projected at 7,5% to 8%.