Futuregrowth’s Community Property Fund acquires Boitekong Mall in Rustenburg, boosting the portfolio assets to over R8 billion
- 10 September 2024
- 3 min read
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.
About Futuregrowth
Futuregrowth Asset Management is a leading fixed interest investment company that, as at 31 December 2023, manages R199 billion (US$10 billion) of assets on behalf of its investors which are predominantly South African retirement insurance and retail funds. Futuregrowth has been the leader in responsible and developmental investing in the South African asset management landscape since 1995, and has a nine-year track record of investing in early-stage investments
For further information contact Smital Rambhai, Portfolio Manager: Community Property Fund, at srambhai@futuregrowth.co.za