Nedbank Corporate Property Finance has approved a R1.1-billion loan to local real estate developer HBW Group to restructure and finance one of the largest assets in the latter’s portfolio, the Bedford Retail and Commercial Precinct.
The precinct comprises the Bedford Centre and Bedford Square shopping centres, in Bedfordview, Johannesburg, both of which had undergone major renovation and development in recent years.
HBW acquired the Bedford Centre in 2002 and has since built the Bedford Square, expanding the precinct to 92 000 m².
The Bedford Precinct offers 68 000 m² of retail space with over 180 stores, 24 000 m² of office space, 420 apartments and penthouses and 5 800 parking bays.
Anchor tenants include Pick n Pay, Woolworths Food, Dion Wired, Edgars, @Home, Truworths, Foschini, Planet Fitness, Mr Price, Nedbank, Standard Bank, First National Bank, ABSA and the Bank of Athens.
Nedbank Corporate Property Finance regional executive Ken Reynolds said the bank had enjoyed a 25-year relationship with HBW Group.
“The Bedford Precinct is modern living at its most impressive and Nedbank is proud to be aligned with the development and to have partnered with HBW Group for the past quarter of a century,” he commented.
HBW Group is currently involved in the development of a number of large retail and commercial properties in sub-Saharan Africa, which accounts for over 200 000 m² of space.