THE BIg gUNS: WHO OWNS WHAT
A BIg CHUNK OF South Africa’s estimated 1 300 shopping centres – roughly 16m sq m of retail space – belongs to big pension funds and life insurers. However, in recent years there’s been a massive inflow of investment from listed property players and private developers.
The biggest mall owners are believed to be institutions Old Mutual and liberty who both own retail portfolios worth R11bn. Old Mutual’s flagship properties include gateway Theatre of Shopping (Umhlanga), Menlyn Park (Pretoria) and Cavendish Square (Cape Town). liberty‘s portfolio, includes Sandton City and Eastgate (Johannesburg). The Public Investment Corporation, with one of the largest township and rural retail portfolios in SA, has an estimated R8bn exposure in shopping centres.
listed property fund growthpoint owns a R9,7bn retail portfolio, including regional shopping centres such as Brooklyn Mall (Pretoria), Waterfall Mall (Rustenburg) and Northgate (Johannesburg). Hyprop Investments’ R7bn retail portfolio includes mega-mall Canal Walk at Century City (Cape Town) and Hyde Park and Rosebank Mall (Johannesburg). Other major listed players – both with a retail portfolio valued at around R5bn – are Foun- tainhead and SA Corporate.
Private developers, such as Atterbury and Zenprop, have retail portfolios valued at around R6bn and R4,5bn respectively. Atterbury’s flagship centres include Clearwater Mall (Roodepoort), garden Route Mall (george) and Centurion Mall (Pretoria). Zenprop owns (among others) Atholl Square and design Quarter (Johannesburg) and Maponya Mall (Soweto).