Redefine acquires Chris Hani Crossing and South Coast Mall retail properties

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Alex Phakathi, Redefine Acquisitions and Disposals Executive Alex Phakathi, Redefine Acquisitions and Disposals Executive

Redefine Properties announced today that it had successfully concluded the acquisition of two further retail properties, namely Chris Hani Crossing in Vosloorus and South Coast Mall on the Natal South Coast.

This is in line with Redefine’s stated acquisition strategy of acquiring well located retail properties that are at least 20 000 square meters with a strong presence of national retailers and located within areas of sustainable growth. This strategy also applies to any potential new retail developments. Both transactions are subject to Competition Commission approval.    

Redefine has acquired a 50% undivided interest in Chris Hani Crossing for R260 million. The development comprises 41 000 square meters of GLA and is well located within the growing residential area of Vosloorus.  

Alex Phakathi, Acquisitions and Disposals Executive for Redefine Properties, says the centre is well tenanted with a high percentage of national tenants and is therefore well positioned for continued growth.

With regard to the South Coast Mall acquisition, Redefine has increased its existing 50% stake in the centre by electing to exercise its pre-emptive right to buy Hyprop’s undivided share in the centre for R108.5 million. “With 30 000 square meters of GLA, we believe the centre has good upside potential and we will be able to continue to add value with  a keener focus on management, which ultimately  will result in a better performing centre,” says Phakathi.

“We are looking to acquire good regional and community-type developments in high growth areas which suit our investment criteria. We have a strong inhouse team of key personnel who can manage everything from the leasing through to the development and this places us in a strong position to act quickly when opportunities present,” he concludes.

 


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