Safari Investments and Vukile Property Fund suffer damages to shopping centres

TWO LISTED property groups, Safari Investments and Vukile Property Fund, suffered damage to their shopping centres, joining the many other retail store and centre owners that have to repair and rebuild.

Safari Investments said yesterday that three of its retail centres in Gauteng had become targets of lawlessness. None of the company’s other investment properties had been affected.

Security measures at Thabong shopping centre in Sebokeng had been breached, the centre had been looted and severe damage had been caused to all the shops. The situation remained volatile but was under control. The property was insured from both a capital and an income perspective.

A recovery plan was under way to get the centre operational again.

Security measures at Denlyn shopping centre in Mamelodi and Nkomo Village in Atteridgeville were also breached, but the situation was rapidly brought under control with minimal damage. The damage had been repaired and the centres were operational again on Wednesday.

Other than Thabong Centre, which was being repaired, all shopping centres in the portfolio were open and trading.

“We find that communities are supporting us now and playing an invaluable role in protecting Safari’s centres,” the company said.

Vukile Property Fund said six of its shopping centre properties had suffered various degrees of damage, four in KwaZulu-Natal and two in Gauteng.