FUTUREGROWTH’S COMMUNITY PROPERTY FUND ACQUIRES TWO PRIME RETAIL PROPERTIES IN KWAZULU-NATAL

The Futuregrowth Community Property Fund (“Comprop”) has acquired two prime shopping centres, King Senzangakhona Shopping Centre and Murchison Mall from two listed REITs. These acquisitions bring the Comprop portfolio to 22 shopping centres, with a total gross lettable area of more than 369 000m2 valued in excess of R5.4 billion.

King Senzangakhona Shopping Centre is a modern regional shopping centre located in Ulundi, KwaZulu-Natal, approximately 240 kilometres north of Durban. The 22 373m2 centre is anchored by Superspar, Game and Cashbuild, and is situated adjacent to the R66, the main road running through Ulundi.

Murchison Mall is a quality enclosed shopping centre located in Ladysmith, KwaZulu-Natal, approximately 238km inland from Durban. The 18 645m2 centre is anchored by Shoprite and is situated in the Ladysmith CBD opposite the town’s main taxi rank.

Smital Rambhai, Portfolio Manager of the Fund said, “We look forward to creating further positive community impact through these new acquisitions, whilst delivering strong stable long-term returns with a low degree of volatility for our investors”.

Comprop is a flagship fund among Futuregrowth Asset Management’s suite of developmental investments. The shopping centres are located in prime locations within townships and rural areas around the country.

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