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Exemplar REITail has taken transfer of Eerste Rivier Mall in the Western Cape with full asset management commencing on 1 November 2024. 

The acquisition sees the expansion of Exemplar’s footprint to six provinces and 27 retail centres, with a further eight under the Group’s management. 

Situated in the Cape Town suburb of Eersterivier, the mall is the first asset in the Exemplar portfolio that was not developed by either McCormick Property Development (MPD) or Exemplar, a notable step in the rural and township retail specialist’s strategic expansion as the Group plans to acquire additional properties and create opportunities to broaden its shareholder base.  

“The Western Cape has been a key focus area for Exemplar and we believe this acquisition is just the beginning of our retail journey in the province,” says Exemplar CEO, Jason McCormick. “We are confident of the growth potential within the node and look forward to working with the existing tenants to improve the shopping experience for the local community.” 

Exemplar will prioritise curating the tenant mix to suit the specific needs of the area as well as recreating a brand that community members can connect with. As with all Exemplar assets, the company will implement social upliftment and development initiatives to ensure local benefit and assistance.

Anchored by one of the strongest trading Shoprite stores in the province, the 16 592m2 community centre is located on the corner of Plein Street and Van Riebeeck Road. Additional key tenants include Shoprite Liquor, Capitec Bank, Standard Bank, African Bank, the Pepkor Group, the Mr Price Group, KFC, Hungry Lion and Clicks. First opened in 1994, the mall has undergone several expansions to meet the growing retail needs of its shoppers. 

The R282 million acquisition, at an effective yield of over 10%, highlights Exemplar’s commitment to unlocking value and delivering sustainable distribution growth. 

“Our focus remains on owning, developing and acquiring rural and township retail assets that provide essential, sustainable and convenient retail services in prime locations. We expect Eerste Rivier to deliver long-term, sustainable rental growth and deliver positive returns well into the future,” says Jason.

Exemplar is a real estate investment trust (REIT) that listed on the JSE in June 2018. It is the only fund in South Africa focused purely on retail in traditionally under-serviced township and rural areas. Its current portfolio fair value is R8,93 billion. 

For the half-year ended 31 August 2024, a dividend of 70.24654 cps was declared which represents a 9.30% increase for the comparative period. The CAGR in dividend per share on a rolling 5 -year basis is 10.87% and the total annual return, including growth in NAV per share, is 17.79%.

These results are indicative of the Group’s sustainable income and continued commitment to the communities we serve. 

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