Finweek English Edition - - Openers -

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).

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