This month marks the 10th anniversary of the property investment partnership between Futuregrowth Asset Management (“Futuregrowth”) and Capital Land Asset Management (“Capital Land”) in the growth of the Community Property Fund (“Comprop”). In October 2014 Futuregrowth and Capital Land joined forces to reposition and grow Comprop, a flagship fund of Futuregrowth. For almost 30 years Comprop has pioneered investment in township and rural shopping centres, developing and supporting the needs of underserviced communities throughout South Africa. In 2014 the Fund held 17 shopping centres with a combined value of R1.8 billion. Competition in this area of the property market had intensified as institutional investors recognised the growth potential of the sector. The partnership between Futuregrowth and Capital Land was built around a strategic plan for the sustainable growth of Comprop and the effective management of the portfolio. A decade later this strategy has yielded excellent returns for the investors. The Comprop portfolio is now valued at over R8 billion, comprising 25 shopping centres with a total gross lettable area of more than 438 000m2. Comprop has achieved an impressive 10-year annualised return ending 30 September 2024 of 12.4% despite ongoing loadshedding, poor municipal service delivery, COVID-19, the July 2021 riots and generally weak economic conditions. Comprop is now one of the largest specialist property funds in South Africa focused exclusively on the high-growth township and rural retail market. The Comprop growth strategy has focused on acquiring quality shopping centres with strong income growth potential that deliver essential goods and services in township and rural areas. Key acquisitions in the portfolio include Eyethu Orange Farm Mall (Orange Farm, Gauteng), Heidelberg Mall (Heidelberg, Gauteng), The Crossing Shopping Centre (Mahikeng, Northwest), King Senzangakhona Shopping Centre (Ulundi, KwaZulu-Natal), Murchison Mall …
The Futuregrowth Community Property Fund’s Bridge City Shopping Centre Wins Prestigious SAPOA Award
Bridge City Shopping Centre, owned by the Futuregrowth Community Property Fund (“Comprop”), has been awarded the 2024 South African Property Owners Association (SAPOA) Award for Innovative Excellence for the best Refurbishment. The SAPOA Awards celebrate excellence in the realm of real estate, recognising groundbreaking achievements in architecture, development, and design across South Africa. Globally recognised, the awards shine a spotlight on innovation, sustainability, and community impact, and honour the visionaries and projects that are setting new standards in the industry. The entries are judged on a range of criteria including Overall Impact, Design Concept, Social Transformation, Functionality and Environmental Sustainability. The iconic 40 000m2 Bridge City Shopping Centre, located in KwaMashu, KwaZulu-Natal, was reconstructed, following devastation in the July 2021 riots, to create a dominant superior regional centre and to further enhance and integrate the transport nodes with the centre. The Bridge City Shopping Centre project was managed by Capital Land Asset Management (“Capital Land”) and the professional team included MDS Architects, Betts Townsend Taylor, MLC Group, Steffanuti Stocks and ARUP. The contemporary aesthetics of Bridge City Shopping Centre are modern, light and inviting. The aesthetic concept was inspired by the centre’s location and use as a transport hub in KwaMashu, where retail intersects with transport in the forms of a train station and a new taxi rank. Railway sleeper and track details are prominent in the ceiling and floor tile design throughout the shopping centre. The tenant mix was actively enhanced to increase footfall to the centre and to create local employment opportunities, and the most technically advanced plant and equipment was installed to reduce the carbon footprint. A key emphasis was placed on the use of local service providers to support local communities through employment. An Unjani Clinic, …
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Transfer seals the deal for new ownership of The Neighbourhood Square Shopping Centre
22 July, Johannesburg. The Neighbourhood Square premier convenience shopping centre in Linksfield, Johannesburg, has transferred into the hands of its new owners Flanagan & Gerard Property Group and Burstone Group (JSE: BTN). Burstone Group partnered with retail real estate specialist Flanagan & Gerard to acquire the strategic retail asset, with each owner holding a 50% stake in the centre. The process for the R380 million acquisition began when Burstone Group exercised its first right of offer over the property owned by Investec, following the management internalisation process that saw the transition of Investec Property Fund into the Burstone Group in 2023. The deal marks the second transaction between the two property players in recent years. In 2020, Flanagan & Gerard acquired a 50% stake in Musina Mall, Limpopo, from the then-Investec Property Fund, together with Moolman Group, which increased their share to 50%. Flanagan & Gerard is known for its distinctive hands-on approach to retail property and will take on a strategic asset management role for The Neighbourhood Square, complementing the highly accomplished asset and property management structures. Graham Hutchinson, Managing Director of Burstone Group South Africa said: “The Neighbourhood Square is a strategically important asset, and the acquisition reflects our priorities of focusing on property fundamentals and collaborating with best-in-class partners, such as Flanagan & Gerard. The deal is a great example of our strategy to deliver income and capital growth over the long-term.” Paul Gerard, MD of Flanagan & Gerard Property Group, said: “We are delighted that the transfer of The Neighbourhood Square is now concluded and to be co-owners of this asset with respected real estate investor, Burstone Group. The extremely popular centre has quickly established an enviable trading track-record and has a waiting list of new tenants. It is a great match for our portfolio, …
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Futuregrowth’s Community Property Fund acquires Boitekong Mall in Rustenburg, boosting the portfolio assets to over R8 billion.
The Futuregrowth Community Property Fund (“Comprop”) has acquired Boitekong Mall, which brings the Comprop portfolio to 25 shopping centres, with a total gross lettable area of more than 438 000m2, valued in excess of R8 billion. Boitekong Mall is a quality regional shopping centre situated in Boitekong, located approximately 8 kilometres north-east of central Rustenburg in the North West province. The 17 649m2 shopping centre is anchored by Shoprite and Cashbuild - with an internal mall as well as a number of line shops trading directly onto an expansive parking area that includes a KFC Drive Thru. Expansion opportunities have been identified to further enhance the retail asset. Boitekong Mall is situated on Lalabhai Dudhia Drive, situated off the R510 which feeds directly into Rustenburg. The shopping centre has excellent access for commuters with an onsite taxi rank, and extensive parking available for customers with vehicles. Smital Rambhai, the Fund Manager of Comprop said: “The acquisition of Boitekong Mall will further diversify our portfolio, increasing our exposure to the North West province from 5% to 10%. The acquisition is in line with our long-term strategy of buying quality shopping centres with strong income growth potential and delivering on essential goods and services in rural areas in South Africa.” Comprop is a flagship fund in Futuregrowth Asset Management’s suite of developmental funds and has been in existence for more than 25 years. All Comprop’s shopping centres are located in prime locations within townships and rural areas around the country. Capital Land Asset Management is the appointed property and asset manager of Comprop. Capital Land is a leading investment property boutique involved in the asset and property management of institutional and private commercial property portfolios in South Africa. CLICK HERE to submit your press release to MyPR.co.za. Author: anne lovell from Dmix on behalf of Futuregroeht. …
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African Property Investment awards 2024 now open
Celebrating excellence in African real estate, including South Africa: enter now! Johannesburg, 13 May 2024 - The 8th annual African Property Investment Awards (API Awards) are now open for entries. This prestigious platform recognises excellence in the African real estate industry. This year, for the first time, the #APIawards will be open to entries from South Africa. The awards, which will be presented at the API Summit on 19 and 20 September 2024 at the Westin Hotel in Cape Town, are open to developers, professional teams, consultants, suppliers, and property owners across Africa. The API Awards offer significant benefits to winners and finalists. Murray Anderson-Ogle, GM of marketing and commercial at API Events, says, "We are thrilled to open the 8th annual API Awards. The awards are not only about recognising the best projects and individuals in the African real estate industry, but they are also about celebrating the innovation, dedication, and expertise that drive the industry forward. We are excited to open them out to South African entries in 2024. API is proud to provide a platform that highlights the very best of African property with these esteemed peer-reviewed awards that are a symbol of excellence that money simply can’t buy!” The awards encompass a wide range of categories, each one significant in its own right, reflecting the vast property industry. These include the best developments for shopping malls — both larger and smaller than 15,000sqm, residential —both high-end and affordable, mixed-use, office, and hotel. There is also a unique category that pits industrial, logistics and alternative real estate assets such as healthcare, data centres and education against each other, showcasing the diversity of our industry. Acknowledging the key roles that innovation, technology and service play in real estate, there are awards for banks, co-working operators, and property services. The best transactions and occupier deals will also …
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Sandton Central Management District unveils new tourism ambassadors to enhance public services in December
In a community-driven move to boost public services and enhance the safety and experience of visitors, the Sandton Central Management District (SCMD) has introduced the addition of thirty-two new tourism ambassadors to the precinct. This initiative, in collaboration with Joburg Tourism, sets Sandton Central apart as a premier City Improvement District in South Africa, especially during the bustling festive period. Sandton Central is renowned for its comprehensive range of services that contribute to a safe, clean, and friendly environment. The popular 'Men in Red' continue their dedicated patrols, ensuring a secure and welcoming atmosphere for all visitors. Complementing this effort, the district’s efficient cleaning team will continue their great work in maintaining the area’s aesthetic appeal, making it an attractive destination for shopping, dining, and tourism. Adding to the existing security measures, Sandton Central also boasts dedicated patrolling vehicles, a highly responsive security team, and efficient medic services to respond to emergencies. The introduction of the new tourism ambassadors, strategically placed at key points throughout the precinct, marks a significant enhancement to Sandton Central’s public services. These ambassadors will be stationed at the Gautrain Tourist Kiosk, Sandton City Entrance 12 on Rivonia Road, 5th Street and Sandton City, Sandton Convention Centre and Maude Street, Sandton Clinic and West Street, Craft Market and Maude Street, and The Marc on the corner of Rivonia and Maude, where they will provide assistance, guidance, and a friendly face to both locals and tourists alike. “As we gear up for the festive season, our priority is to ensure that Sandton Central remains a safe, clean, and welcoming environment for everyone. The addition of our new tourism ambassadors is another way we’re enhancing the visitor experience while ensuring top-notch security and assistance whenever needed,” says Elaine Jack, District …
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JRA and Sandton Central Management District Partnership Powers Over 90% of Sandton Central’s Traffic Light Intersections During Loadshedding
The partnership between Johannesburg Roads Agency (JRA) and Sandton Central Management District (SCMD) to address the effects of loadshedding within the Sandton Central precinct, has reached another significant milestone that sees over 85% of Sandton Central’s traffic lights functional during loadshedding bouts. The collaborative effort between the two entities has since grown to signify and demonstrate progress and great outcomes that happen when the public and private sectors join forces. Since the inception of the partnerships, businesses in the Sandton Central precinct have adopted and power 90.5% traffic intersections with backup power during loadshedding, which equates to 29 out of 32 intersections in just six months. This groundbreaking initiative which has attracted the interest and participation of corporate giants such as Investec, Nedbank, Growthpoint and Sasol, now boasts a broad spectrum of Sandton Central participants including Redefine Properties, Discovery Limited, Old Mutual, Liberty Two Degrees and Pareto, Zenprop Property Holdings, RMB, Momentum, Southern Sun, Blue Label, The Cavaleros Group, Bowmans, Santam, Davinci Hotel and Suites and Netcare. Acting Chief Executive Officer for JRA, Mr. Zweli Nyathi emphasizes, “The formidable partnership between JRA and SCMD is a beacon of hope and is testament to the great achievements that the entities and the public at large stand to benefit when the public and private sectors work together”. City of Johannesburg Member of Mayoral Committee for Transport, Cllr. Kenny Kunene enthuses, “The effortless flow of traffic during load shedding resulting from the powered traffic lights, goes a long way towards reducing the loadshedding disturbances on everyday lives that road users would ordinarily have to contend with. In addition, working traffic lights help reduce criminal activities that could occur and endanger motorists and communities at dead traffic signal intersections”. Elaine Jack, District …
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Ballito Junction to enhance its offering with a major upgrade to cornerstone section
Ballito Junction, the popular regional mall on KwaZulu-Natal’s north coast, has announced plans to upgrade the original section of the mall, bringing it in line with the rest of its premier shopping experience and enhancing its offering to the community. The 80,000sqm world-class Ballito Junction on KwaZulu-Natal’s Dolphin Coast started as a 10,000sqm convenience centre. After a major expansion, it opened at eight times its original size in March 2017. Now, it is this original cornerstone section of the centre, near Pick n Pay and Dis-Chem, that will be refreshed, enclosed and expanded with a major upgrade. Ballito Junction is owner-managed by the investment consortium of Flanagan & Gerard Property Group and Menlyn Maine Investment Holdings, resulting in a passionate, hands-on approach to ongoing investment in this singular retail asset. As part of this upgrade project, the current Pick n Pay entrance will be enclosed, and the adjoining external section of the mall will be expanded to make space for several exciting new restaurants and speciality tenants, all arranged around an attractive piazza. In addition to enclosing the entrance, space for three new restaurants will be created, spilling out onto the piazza. The greenery and visual attractiveness of the design around the piazza will bring in an important experiential aspect to Ballito Junction overall. With more than 200 carefully selected stores and six anchor tenants – Pick n Pay, Woolworths, Checkers, Edgars, Game and Nu Metro – Ballito Junction combines convenience with a world-class shopping experience, and its cornerstone upgrade will ensure it provides a consistent and exceptional retail setting. The upgrade will allow for an enhanced offering by certain existing retail tenants, including Pick n Pay, Pick n Pay Liquor, Polo, Pick n Pay Clothing, Rage, Dial a Bed, Crazy Store, and Sorbet, whilst also creating space for a line-up of new and exciting retailers. New and exciting …