The Competition Commission has approved the sale of Bryanston Shopping Centre. Cosmo Properties plans to acquire the property from Redefine Retail, with certain conditions attached.
Cosmo Properties, a newly established company and a wholly owned subsidiary of a trust, focuses on owning, managing, selling, and leasing shopping centres across South Africa.
Redefine Retail is managed by Redefine Properties, a real estate investment trust listed on the JSE.
Bryanston Mall, located at 15 Ballyclare Drive in Bryanston, Johannesburg, is a 12,000 square metre neighbourhood centre in one of the country’s wealthiest areas.
The Commission stated that the transaction is unlikely to reduce or hinder competition in the market.
To address public interest concerns, the acquiring group has committed to using cleaning and security services owned by historically disadvantaged persons (HDPs) for three years following the merger.
Bryanston Shopping Centre, developed as a community centre in September 1971, has served the affluent Bryanston community for over five decades.
It is accessible from Winnie Mandela Drive (formerly William Nicol) and offers convenience with tenants like Checkers, Clicks, Woolworths, Shell, @Home, Capitec, Absa, and over 30 more.
In its latest financial report for the six months ending February 2024, Redefine highlighted the ongoing sale of non-core assets to improve operational cash flows.
During this period, Redefine sold three properties with a gross lettable area (GLA) of 26,357 square meters for a total of R254.4 million.
Agreements were made to sell one property and three portions of vacant land for R56.9 million in the second half of FY24.
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