Real estate investment trust, Exemplar REITail, has acquired Katale Square shopping centre.
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At 8 734sqm, Katale Square (Marapyane, Mpumalanga) is
the first full centre acquisition for the group following the purchase of the
refurbished and expanded portions of both Modi Mall in Modimolle, Limpopo
(5 054sqm) and Kwagga Mall in KwaMhlanga, Mpumalanga (5 274sqm) in
the last quarter of 2018.
The purchase price for Katale Square was R116,000,000 and it
is the first of 3 centres that were purchased Exemplar as detailed in the
prospectus that was released in May 2018. Mabopane Square (Mabopane, Gauteng)
is set for completion and purchase in or about October 2019 while construction
on Riba Cross Mall (Burgersfort, Limpopo) will begin by the end of 2019.
Anchor tenants at Katale Square include Shoprite, Shoprite
Liquor, Roots and Cashbuild. The full gambit of banking, fashion and food is
also accounted for with Absa (ATM), Nedbank (ATM), Standard Bank (ATM), SAPO,
Rage, Ackermans, Pep and KFC all represented.
Exemplar listed in June 2018 with a property portfolio value
of just over R5 billion and a market capitalisation of just over R3 billion.
The group was created from the core of McCormick Property Development – a
company with over 35 years of experience in the development and management of
retail centres in primarily under-serviced areas.
04 Nov 2024
31 Oct 2024
02 Oct 2024
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