PROPERTY INVESTMENT
Fairvest in takeover of Bara Precinct
JSE-listed property company Fairvest acquired a controlling stake in Bara Precinct, giving it a firmer foothold in the country’s developing township economy. The township economy remains unsaturated, with many formal businesses now seeing it as an opportunity in which to gain market share. Fairvest will own 50.17%, while NewCo, a subsidiary of the Buffet group, will hold 49.73% of Bara Precinct. The Bara Precinct properties that form part of the deal are located in Soweto and include the Diepkloof Hotel, Soccer Centre, Blackchain Centre, Bara Square, JPC Centre, Toby centre and Mogai Centre. The aggregate value of the properties comes up to about R322.4m. The average size of a Fairvest centre is 5,000m² and anchor tenants tend to include one of Shoprite, Boxer, Spar or Pick n Pay stores. The group said the acquisition was in line with Fairvest’s strategy of acquiring assets servicing the lower LSM market located in nonmetropolitan areas, as well as rural, convenience and community s...
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.