SHAREHOLDER RETURNS
Accelerate banks on its revamp of Fourways Mall
Accelerate Property Fund is banking on the redevelopment of Fourways Mall to bring in returns for investors from 2019. The company has struggled to reward shareholders over the past few years and chief operating officer Andrew Costa is pinning the company’s medium-term future on the success of the mall, which will be close to R180,000m² and valued at R9bn when it is completed in September 2018. Accelerate’s share price, although volatile, is now trading at a similar level to when it listed in December 2013. The share price closed flat on Wednesday at R5.25. The centre’s revamp will be Accelerate’s main asset in the Fourways node. Accelerate also owns Buzz Shopping Centre and Cedar Square in that suburb. More than R30m is being spent on the refurbishment of the existing Fourways Mall, and more than R250m is being spent on the adjacent road infrastructure around the mall. Costa, who was speaking at the release of financial results for the year to March, said the fund had nearly comple...
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