Oasis Crescent Property Fund enters deal to build McDonald’s outlet
SHARIA-compliant Oasis Crescent Property Fund has entered into a lease agreement with McDonald’s South Africa for a new-build McDonald’s restaurant, McCafe and Drive-Thru to be constructed in KwaZulu-Natal.Construction of the new McDonald’s site was expected to start during the latter part of the year, "with operations commencing in the first quarter of 2014", the fund said on Tuesday.Located at the fund’s primary retail property, The Ridge @ Shallcross centre, which is between Chatsworth and Shallcross, the lease will run for an initial period of 10 years with the option for two further 10-year renewal periods.Oasis Crescent Property Fund, which qualified as a real estate investment trust (Reit) with effect from the start of its current financial year on April 1, was established to provide an alternative to conventional South African property companies and unit trusts for Sharia-compliant investors.It is managed by Oasis Crescent Property Fund Managers, which is part of Oasis Group...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.