McCormick and Putprop in deal announce venture to build two shopping centres
Developer to contruct malls in Mamelodi in Tshwane and Dobsonville in Soweto
One of SA’s oldest rural shopping centre developers, McCormick Property Development, is bringing two new malls to communities in Tshwane and Soweto, giving them access to certain brands for the first time. McCormick and bus company Putco’s property arm, Putprop, have agreed to develop and co-own a shopping centre in Mamelodi, Tshwane and another in Dobsonville, Soweto. McCormick, which builds malls in semi-urban areas and townships, was founded in 1983 by John McCormick. His son, Jason, is an executive at the group and in 2018 listed Exemplar, a real estate investment trust with R5.5bn worth of retail assets, acquired from McCormick Development. Putprop was listed by Putco in 1988. “We are going to create malls that fulfil community needs. We cannot say who the tenants are yet but the malls in these areas have not had a good enough offering and we see a gap that we can fill,” Jason McCormick said. McCormick Development will purchase a 50% share in two bus depot sites from...
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