Liberty to dispose Greenacres Shopping Centre for R1 billion

Insurance giant Liberty Holdings sells Greenacres shopping centre in Port Elizabeth to Acucap and Sycom for more than R1 billion.

Liberty Holdings on Monday announced that it has exchanged contracts on the sale of Greenacres shopping centre in Port Elizabeth to Acucap and Sycom for more than R1 billion.

Insurance giant Liberty Holdings entered into a transaction to sell the shopping centre in an undivided 50% share each to Acucap (ACP) and Sycom (SYC).

The disposal of Greenacres is still subject to South Africa's competition commission approvals.

The anticipated transfer is expected during the first quarter of 2014.

This transaction supports Liberty’s strategy of becoming the leading wealth management company on the African continent‚ as there are numerous initiatives that are currently being considered as part of the Direct Property investment strategy.

These will include the upgrade‚ restructure and acquisition of assets within the Portfolio that management believe will in time benefit investors‚ it said.

The Sycom Property Fund is managed by Acucap. Acucap owns 33.5% of the units of Sycom.

Acucap said it was looking to invest in individually large, low-risk acquisitions, particularly in the retail property segment. It is a 27.5% co-owner of the adjoining retail centre situated at Greenacres, which is called The Bridge at Greenacres.

"Acucap already has a meaningful investment in this node, and an intimate understanding of its performance," Acucap said on Monday.

Greenacres shopping centre which opened in October 1981, is situated at the corner of Cape Road and Langenhoven Drive, the intersection of Port Elizabeth’s two primary arterial roads.

The centre serves not only the public in its immediate environs but also that of the greater Port Elizabeth municipality and city's neighbouring towns in Eastern Cape.