Atlantis City Shopping Centre sold for R334 million

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The 22,077sqm shopping mall will become its third biggest property asset, after Gugulethu Square in Cape Town and King Senzangakhona Shopping Centre in KwaZulu-Natal. The centre is dual anchored by Shoprite and Pick n Pay and includes a full range of national retailer offerings within a modern enclosed mall.

William Brooks, CEO of Synergy, says, "Acquiring this centre continues the fund's strategy of growing a specialised retail property investment fund. It will enhance our well-diversified portfolio of properties located in strong demographic nodes with good growth opportunities. It also meets our objective of property portfolio growth with quality retail assets."

JSE-listed Synergy is a specialised retail property fund with a specific focus on midsized community and regional shopping centres in high-growth nodes. This acquisition takes its property portfolio to 15 shopping centres valued at approximately R2.1 billion. Commuter-oriented centres in township areas and rural towns dominate it. The property portfolio is geographically diverse, now owning property assets in seven provinces.

The transaction remains subject to various conditions, including Competition Commission approval. The pro forma financial effects of the acquisition will be published in due course, until which time the linked unitholders are advised to exercise caution when dealing in the company's linked units.

"This acquisition progresses the fund's growth strategy with a quality retail asset that meets our investment criteria. We will continue to identify further opportunities to grow our portfolio and provide sustainable and growing returns for our investors," concludes Brooks.