50% of Menlyn, Cavendish sold

Sale agreements were signed in respect of 50% undivided ownership interests in Menlyn Park Shopping Centre in Pretoria and Cavendish Square and Connect Shopping Centre in Cape Town.

Old Mutual Life Assurance Company of South Africa, current owner of the premier retail properties, signed the agreements with Pareto Ltd for a purchase price of close to R2,5bn, it was reported on Wednesday.

Old Mutual Investment Group Property Investments (OMIGPI), which currently manages the two retail properties, is being retained as managing agent. The parties have agreed to a market-related fee for the management of the assets.

Ben Kodisang, managing director of OMIGPI, said this is the largest commercial property transaction in South Africa since the sale of the V&A Waterfront.

Get commercial property news by email

Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »