Liberty said the transaction supported its strategy of becoming the leading wealth management company on the African continent, adding that numerous initiatives were being considered as part of its direct property investment strategy.
"These include the upgrade‚ restructure and acquisition of assets within the portfolio that management believes will‚ in time‚ benefit investors‚" Liberty said.
The Sycom Property Fund is managed by Acucap, which owns 33.5% of the units in Sycom. The sale of Greenacres was subject to approvals from competition authorities in SA.
Acucap said it was looking to invest in individually large‚ low-risk properties‚ particularly in the retail segment. It is a 27.5% co-owner of the adjoining retail centre situated at Greenacres‚ called The Bridge at Greenacres.
"Acucap already has a meaningful investment in this node and an intimate understanding of its performance‚" Acucap said.
Greenacres and The Bridge together make up an 88‚000m² combined regional shopping mall‚ which is one of the major retail properties in the Eastern Cape.
Greenacres is at the corner of Cape Road and Langenhoven Drive‚ the intersection of Port Elizabeth's two primary arterial roads. Acucap said this meant that Greenacres drew shoppers from the city's major residential areas.
"There is a complete representation of the major South African national tenants across all retail segments‚ making Greenacres the mall of choice for about a million shoppers a month‚" Acucap said.
The company said Greenacres had high foot counts and trading densities and that there was strong interest from many of the national tenants to expand their trading platforms.
"The centre has unused bulk available for expansion and with its experienced retail team‚ Acucap is confident that it will be able to fulfil the needs of the centre's national tenant base‚ within the context of a general modernisation and upgrading of the mall‚" it claimed.
Acucap said that its co-ownership of The Bridge gave it an understanding of the retail dynamics of the node and created the opportunity for value-adding operational and redevelopment activities between Greenacres and The Bridge‚ to the advantage of tenants‚ owners and shoppers.
Greenacres is likely to be transferred in the first quarter of next year.
Senior portfolio manager at Old Mutual Investment Group Evan Robins‚ said Acucap-Sycom had reacted well to competition in Port Elizabeth.
"I think it is significant. The developer‚ Billion Group‚ which has a relationship with listed fund Rebosis‚ is developing a very sizable 87‚000m,2 new shopping centre‚ Bay West‚ in Port Elizabeth slated for completion at the end of next year‚" Robins said.
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