The Futuregrowth Community Property Fund (“Comprop”) has acquired Sam Ntuli Mall, which brings the Comprop portfolio to 24 shopping centres, with a total gross lettable area of more than 420 000m2, valued in excess of R7.3 billion.
Sam Ntuli Mall is a recently developed, high quality regional shopping centre situated in the large township of Katlehong, approximately 28 kilometres south-east of the Johannesburg CBD. The 30 276m2 shopping centre is anchored by Shoprite, Pick ‘n Pay, Boxer and Cashbuild – with an internal mall as well as a number of line shops trading directly onto an expansive parking area that includes several drive-thru offerings.
Sam Ntuli Mall is centrally located and is easily accessible via Tugela Street and Masakhane Street. The shopping centre has excellent commuter access with an on-site taxi rank servicing local routes and the main taxi rank located less than 1 kilometre away, servicing commuters to and from Johannesburg. There is extensive parking available for customers with vehicles and a pedestrian crossing allowing for easy access by customers on foot from the neighbouring community.
Smital Rambhai, the Fund Manager of Comprop said: “The acquisition of Sam Ntuli Mall falls in line with our long-term strategy of investing in high quality retail shopping centres across South Africa, that are underpinned by strong income growth potential for our investors and service the low to middle income households by delivering high quality goods and services at affordable prices. The acquisition brings the Comprop portfolio to R7 billion in size, which makes it one of the biggest specialist property funds in South Africa.”
Comprop is a flagship fund in Futuregrowth Asset Management’s suite of developmental investments and has been in existence for more than 25 years. All Comprop’s shopping centres are located in prime locations within townships and rural areas around the country.
Capital Land Asset Management is the appointed property and asset manager to Comprop. Capital Land is a leading investment property boutique involved in the asset and property management of institutional and private commercial property portfolios in South Africa.