Property investment company Futuregrowth Asset Management’s Community Property Fund (Comprop) has acquired KG Mall shopping centre, which is situated at the entrance to the Kwa-Guqa township, in eMalahleni, Mpumalanga.
Comprop is a flagship fund among Futuregrowth’s suite of developmental investments. All Comprop’s shopping centres are located in prime locations within townships and rural areas around the country.
This latest acquisition brings the Comprop portfolio to 23 shopping centres, with a total gross lettable area of more than 392 000 m2, valued at R6.6-billion.
KG Mall is a 21 483 m2 shopping centre comprising a single-storey main internal mall with a central Shoprite store as an anchor, as well as a number of line shops and a Cashbuild store that all trade onto an expansive parking area, which includes a KFC and a McDonald’s drive-thru.
The mall is accessible from the main Kwa-Guqa taxi rank, as well as from Mathews Phosa street, which is located off the N4 highway. A pedestrian crossing allows for easy access for customers on foot from the taxi rank and the neighbouring community.
“The acquisition of KG Mall fits in with our long-term strategy of acquiring dominant quality shopping centres with strong national tenants that will have strong sustainable income growth over the long term for our investors,” Comprop fund manager Smital Rambhai said on December 8.