Akani Properties acquires Nicolway Shopping Centre

To: News Editors

Akani Properties acquires Nicolway Shopping Centre

In Johannesburg today – Akani Properties, a leading 100% black-owned and managed property investment, development and management company has announced a R1.1 billion acquisition of the Nicolway Shopping Centre in Bryanston, a leading convenient shopping centre in the north of Johannesburg, on behalf of its client, the Municipal Employees Pension Fund (MEPF).

The transaction, which was approved by the Competition Tribunal last month (December 2021), includes the acquisition all properties in the Nicolway Precinct: the Nicolway Bryanston Shopping Centre, Decathlon retail component as well as the office building known as Nicolway West offices. The acquisition includes all rights in the leases of all properties and all other assets necessary for the carrying out of the business enterprise.

The Managing Director of Akani Properties, Zamani Letjane said, “The acquisition of Nicolway demonstrates our optimistic view on the recovery of the SA economy from the effects of the Covid pandemic. We are also seeing a shift from large shopping malls to small convenient shopping centres – a growing trend that present growth opportunities for our property portfolio.”

The Nicolway acquisition will greatly improve our client’s balance sheet and income stream, added Letjane, as the transaction is underpinned by quality tenants with long-dated leases. The centre is 75% anchored by nationals tenants such as Woolworths, Food Lovers Market, Dischem, Checkers, etc.

The Decathlon Sport Hub concept, a partnership between South African wellness brands and sporting goods designer, DECATHLON, brings fitness and wellness enthusiasts under one roof, is one of the only concept stores in SA located in a three-story building at the Nicol Way Shopping Centre.

The shopping centre is well located in terms of access and visibility on the William Nicole Road in the heart of Bryanston and it’s strategically located in a high LSM area surrounded by the Bryanston commercial node. The office node is showing strong growth and is likely to expand over the next ten years. Large volumes of traffic use the William Nicol off-ramp from the N1 as their access into and out of Sandton, Africa’s largest financial services hub.

Ends.

For media queries and interview requests, please contact Bomikazi Molapo, Account Director, Aphinko Consulting on Cell: 078 8013711 or Email: bomikazi@aphinko.co.za or bomikazimolapo@gmail.com

Note to editors

About Akani Properties

Akani Properties is a 100% black-owned and managed property development, investment and management company with close to R3billion total assets under management. Its flagship property assets include the recently launched R900 million Radisson Hotel and Convention Centre Precinct in Kempton Park, amongst others. Retail assets include the Glen Village Shopping Centre in Pretoria East, Autumn Leaf Mall in Zeerus, Northwest Province and others.

Website: www.akaniproperties.co.za

About MEPF

The Municipal Employees Pension Fund (MEPF) is pension fund for municipal workers in South Africa with more than 21 000 members and total assets under management north of R24 billion. The Fund was established in 1970 with a long track record of providing retirement solutions to workers in local government.

Website: www.mepf.co.za