Accelerate to sell Eden Meander centre in George to Sasol Pension Fund

23rd August 2023

By: Cameron Mackay

Creamer Media Senior Online Writer


Font size: - +

Diversified JSE-listed real estate investment trust Accelerate Property Fund has accepted an offer from the Sasol Pension Fund to acquire the Eden Meander Shopping Centre, with a gross lettable area of 31 136 m2 and an adjacent 7 094 m2 vacant land parcel.

The centre is located near the residential hub of George in the Western Cape. 

The minimum purchase consideration will be about R521-million, calculated on a 7.5% net income capitalisation rate applied to a 12-month net operating income forecast from December 1 this year.

The final purchase price will be determined following the due diligence process. 

“In line with our asset recycling strategy, we believe that disposing of Eden Meander at this attractive yield to a credible counterparty will unlock considerable value for shareholders, as it enables us to strengthen our balance sheet,” comments Accelerate joint CEO Abri Schneider

Proceeds from the disposal will be allocated towards settling debt and are expected to have a positive impact on the group’s financial ratios, including loan-to-value (LTV) and interest cover (ICR).

Since the financial year end, Accelerate has disposed of the Ford Fourways premises and Leaping Frog Shopping Centre, which reduced its LTV by 1.2% and improved the ICR by 0.1 times. 

The disposal of Eden Meander will further reduce LTV by 3.0% to 39.6% and result in a further meaningful improvement of the ICR.

During its financial year ended March 31, Accelerate successfully transferred R146-million of assets and concluded sale agreements of additional disposals with an aggregate value of R292-million. 

“The decision to sell this asset was not taken lightly; however, the price achieved coupled with the positive impact on Accelerate’s financial metrics all contributed to the board’s decision,” Scheider concludes.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...


Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (24/05/2024)
24th May 2024 By: Martin Creamer
Magazine round up | 24 May 2024
Magazine round up | 24 May 2024
24th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.281 0.333s - 151pq - 2rq
Subscribe Now