Sunday World (South Africa)

Accelerate keen to settle Fourways Mall dispute

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Listed property fund Accelerate Property Fund said on Friday it will pay Azrapart R300-million over a dispute regarding the rebuild of the Fourways Mall Shopping Centre.

Fourways Shopping Centre is now one of the biggest malls in South Africa with an increased retail space of 178 000m2. The mall was initially built in 1994 and underwent a massive revamp that was completed 2019. It was this revamp that saw Accelerate and Azrapart clash over what is known as the “rebuilt portion matter”.

“The dispute has now been settled to the satisfacti­on of Accelerate and Azrapart and, accordingl­y ... Accelerate will pay the amount of R300-million to Azrapart,” Accelerate said.

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