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ApexHi to upgrade properties
Refurbishment of properties aimed at improving tenant mix.
ApexHi Properties will spend R1bn between now and next year to refurbish its properties.
MD David Rice said on Friday the refurbishment would enable the group to improve its tenant mix at its retail centres, an objective ApexHi had been considering for a few years.
Rice said another factor behind ApexHi's decision to pour capital into its existing property was the lack of property in the market that suited the company's profile.
Upgrade projects worth R570m are already under way, with a further R357m in planning phases. One of these is the R100m refurbishment of Golden Walk shopping centre in Germiston. Rice said the company was also adding 10000m² to its Cleary Park shopping centre in Port Elizabeth at a cost of R87,5m.
At Maynard Mall in Cape Town, ApexHi was installing a 3500m² Edgars and an additional 2000m² of line shops.
One of the biggest upgrades was the R212,5m redevelopment of Horizon View on the West Rand.
“We've demolished the shopping centre and are rebuilding a convenience centre anchored by Woolworths and Checkers,” said Rice. The centre will be called The Village@Horizon.
Source: Business Day
Published courtesy of
