In a deal worth R1.3 billion, Pretoria based Attfund Ltd. has purchased the CapeGate retail precinct.
The Competition Commission gave their approval for the acquisition and the transfer is expected soon.
CapeGate was developed by CapeGate Properties Pty. Ltd. and Boness Development Pty. Ltd, a wholly owned subsidiary of Nedbank Ltd.
Attfund Ltd. is an unlisted public property investment company founded in July 2002. With this latest acquisition the total gross assets of Attfund Ltd. will increase to R6 billion.
The CapeGate retail precinct, acquired by Attfund Ltd. consists of a 56 000m² regional shopping centre, 15 000m² Lifestyle Centre, 5 000m² Value Centre, 9 000m² Trade Centre as well as a 7 000m² Décor Centre and a 3 500m² Nissan dealership which are both currently under construction. Also under construction and included is a 6 500m² expansion to the Lifestyle Centre as well as a 10 000m² expansion to the regional centre.
Parkdev will be responsible for the asset and property management of CapeGate on behalf of Attfund.
Other Attfund investments include the 65 000m² Clearwater Mall in Roodepoort, 40 000m2 Woodlands Boulevard in Pretoria, 50 000m² Atterbury Value Mart in Pretoria and 12 500m² Somerset Value Mart in Somerset West. Another investment of Attfund is the 40 000m² Garden Route Mall which opened in George in October of this year. Attfund holds a 25% undivided share in the Centurion Mall with Grayprop as partners. Office Park investments include the 16 000m² Glenfield Office Park in the eastern suburbs of Pretoria, 15 000m² Lakefield Office Park in Centurion and the 14 000m² Tygerberg Office Park in Cape Town.