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Johannesburg - FirstRand Bank, acting as trustee for the Sycom Property Fund, has entered into an agreement with Liberty Group to acquire a 50% undivided share in the property in Port Elizabeth on which Greenacres Shopping Centre is located.
The purchase price is R508m.
Acucap Properties, which performs Sycom's asset management functions and which owns 33.5% of Sycom, has entered into an agreement with Liberty to acquire the other undivided 50% share in the Property.
The acquisition will be effective upon the date of transfer of the property, the expected transfer date being January 1 2014.
Given the objective of growing the size of the portfolio with individually large, low risk acquisitions, particularly in the retail segment, the acquisition of 50% of Greenacres supports Sycom's strategy of seeking opportunities that will enhance shareholder value and contribute to sustainable income growth.
Acucap is a 27.5% co-owner of the adjoining retail centre known as The Bridge at Greenacres. Acucap already has a meaningful investment in this node, and an intimate understanding of its performance.
Greenacres and The Bridge together comprise an 88 000m² combined regional shopping mall, which is one of the major retail offerings in the Eastern Cape.
Situated at the corner of Cape Road and Langenhoven Drive, Greenacres is ideally positioned at the intersection of Port Elizabeth's two primary arterial roads to draw from the city's major residential areas.
There is a complete representation of the major South African national tenants across all retail segments, making Greenacres the mall of choice for approximately one million shoppers per month.
Greenacres has unutilised bulk available for expansion, and with an experienced retail team managing the asset, Sycom is confident that it will be able to fulfil the expansion needs of Greenacres' national tenant base, within the context of a general modernisation and upgrade of the mall.
Acucap's co-ownership of The Bridge not only gives it an intimate understanding of the retail dynamics of this important node, but also creates the opportunity for value adding operational and redevelopment activities between Greenacres and The Bridge, to the advantage of tenants, owners and shoppers.
The purchase price is R508m.
Acucap Properties, which performs Sycom's asset management functions and which owns 33.5% of Sycom, has entered into an agreement with Liberty to acquire the other undivided 50% share in the Property.
The acquisition will be effective upon the date of transfer of the property, the expected transfer date being January 1 2014.
Given the objective of growing the size of the portfolio with individually large, low risk acquisitions, particularly in the retail segment, the acquisition of 50% of Greenacres supports Sycom's strategy of seeking opportunities that will enhance shareholder value and contribute to sustainable income growth.
Acucap is a 27.5% co-owner of the adjoining retail centre known as The Bridge at Greenacres. Acucap already has a meaningful investment in this node, and an intimate understanding of its performance.
Greenacres and The Bridge together comprise an 88 000m² combined regional shopping mall, which is one of the major retail offerings in the Eastern Cape.
Situated at the corner of Cape Road and Langenhoven Drive, Greenacres is ideally positioned at the intersection of Port Elizabeth's two primary arterial roads to draw from the city's major residential areas.
There is a complete representation of the major South African national tenants across all retail segments, making Greenacres the mall of choice for approximately one million shoppers per month.
Greenacres has unutilised bulk available for expansion, and with an experienced retail team managing the asset, Sycom is confident that it will be able to fulfil the expansion needs of Greenacres' national tenant base, within the context of a general modernisation and upgrade of the mall.
Acucap's co-ownership of The Bridge not only gives it an intimate understanding of the retail dynamics of this important node, but also creates the opportunity for value adding operational and redevelopment activities between Greenacres and The Bridge, to the advantage of tenants, owners and shoppers.
