Investors impatient as Accelerate delays Fourways Mall reopening
The largest shopping centre in Africa will now relaunch in August after the property developer missed its April deadline
JSE-listed Accelerate Property Fund has missed its own deadline to reopen the redeveloped Fourways Mall, the largest shopping centre in Africa. The mall, which will more than double in size once completed, was supposed to open at the end of April but Accelerate is now hoping its new sections will trade from the end of August. This is the second delay as the mall was initially supposed to reopen at the end of 2018. However, investors are becoming impatient. Accelerate’s share price is under pressure, having fallen 56% over the past year. The head of research at Anchor Stockbrokers, Craig Smith, said while the mall could succeed over the long term, delays have created a number of concerns.
“The delay in opening is obviously not ideal as it will result in a potential loss of income, certainly an opportunity cost for the fund and investors. Also, if there are further delays it may pose a leasing risk as I would imagine certain tenants would stipulate in their leases that they h...
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