Akani Properties has acquired the Nicolway Shopping Centre in the affluent suburb of Bryanston on behalf of its client, the Municipal Employees Pension Fund.Photo: Nicolway Facebook page
Akani Properties has acquired the Nicolway Shopping Centre in the affluent suburb of Bryanston on behalf of its client, the Municipal Employees Pension Fund.
The company said the Competition Tribunal has already approved the R1.1 billion transaction. It saw Akani acquire all properties in the Nicolway Precinct, including the Decathlon retail component, and the office building known as Nicolway West offices.
- YOU MIGHT ALSO LIKE | Owner of Glen Village Shopping Centre wants to develop more malls, starting with R600m investment
As a commercial hub, Bryanston has become busier than Sandton since the start of the Covid-19 pandemic, with fuller offices than the latter. Its malls are also benefitting from work-from-home trends and consumers’ preference for smaller shopping centres.
The Managing Director of Akani Properties, Zamani Letjane said there are quality tenants with long-dated leases in all the acquired properties. In Nicolway, 75% of tenants are national retailers like Woolworths, Checkers and Food Lovers Market, which have hardly felt the impact of Covid-19.
“The acquisition of Nicolway demonstrates our optimistic view on the recovery of the SA economy from the effects of the Covid pandemic. We are also seeing a shift from large shopping malls to small convenient shopping centres – a growing trend that presents growth opportunities for our property portfolio,” said Letjane.
The 100% black-owned Akani Properties has close to R3billion total assets under management. Its existing retail assets include the Glen Village Shopping Centre in Pretoria East, Autumn Leaf Mall in Zeerus, and Parkview Shopping Centre in Johannesburg. It also owns the recently launched R900 million Radisson Hotel and Convention Centre Precinct in Kempton Park.
Get the biggest business stories emailed to you every weekday.
Go to the Fin24 front page.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Craftmix Spiked Spiced Apple Cider Mix, Makes 12 Drinks, Vodka Cocktail Mixer, Instant Skinny Cocktail and Mocktail Mix - With Real Fruit - Vegan Low Carb, Low Sugar, Non-GMO, Gluten Free, Easy to Mix
$14.99 (as of December 25, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Apple Watch Series 5 (GPS, 40MM) - Gold Aluminum Case with Pink Sand Sport Band (Renewed)
$134.00 (as of December 25, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Apple iPhone 12, 64GB, (Product) Red - Boost Mobile (Renewed)
$259.95 (as of December 25, 2024 19:13 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Hanes EcoSmart Fleece, Cotton-Blend Pullover, Crewneck Sweatshirt for Men (1 Or 2 Pack)
$11.26 (as of December 25, 2024 19:34 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
![[No Cut V] 'Kim Woong Transcript' Lee Jun-seok "Nothing has changed" despite the onslaught of the Democratic Party thumbnail](https://file2.nocutnews.co.kr/newsroom/image/2021/10/07/202110071613492963_0.jpg)
