In other news, the JSE All Property Index closed at 9 763 last night.
Trading densities at community and smaller shopping centres were a bright spot during Q2 2024, running counter to a further contraction in retail property performance according to the Clur Shopping Centre Index which forms part of the broader Clur Collective asset management support platform that assists listed/unlisted property funds to understand asset health and to optimize returns at more than 4.1m square metres of prime retail space and 140 merchandising categories across SA and Namibia. While community and smaller centres showed the lowest growth rate of 1.7% in Q2 2024, they were the only segment to show an expansion in growth relative to Q1 2024 of 0.1%. By contrast, super-regional centres showed the greatest contraction of -1.5% relative to the first quarter with the All Centres index contracting by -0.9% for the same period.
Shoprite Holdings have signed an agreement to dispose of its furniture business including OK Furniture and House & Home, excluding Angola and Mozambique, to Pepkor Holdings. The Group reported a 12% increase in its sales for the 50 weeks ended June 2024 equating to +R21.4bn spent by its customers at its core SA supermarkets. Checkers and Checkers Hyper’s sales increased by 12% with Shoprite’s increasing by 10%. Usave’s sales were ahead of the Group’s other top performing categories with an increase in sales of 13%.
Valor Hospitality Partners has expanded its East African presence through branded residences and urban city hospitality management in collaboration with developers CPS for Zanzibar’s pioneering mixed-use development, Fumba Town, as well as another branded lifestyle residences development, the Soul Paje, on the east coast of Zanzibar. Located approximately 20 minutes from Zanzibar’s International Airport, the bulk of Fumba Town’s facilities are made up of a mix of residences which will include + 5 000 units with over 650 apartments already built and occupied. With plans for retail, sports, office, and further lifestyle amenities, the urban city will also feature the world’s tallest timber tower The Burj which will boast Zanzibar’s first Canopy by Hilton scheduled to open at the end of 2027.
Leader in ticketless parking solutions, admyt, has partnered with Hyprop to improve parking spaces at the REIT’s dominant retail centres including CapeGate, Woodlands, Canal Walk, Rosebank Mall, Somerset Mall, and Clearwater Mall and catering to millions of shoppers with the installation and rollout covering over 30 000 parking bays and 175 lanes. The admyt parking app has over 280 000 vehicles active on its platform, processing over 4 million parking transactions annually.
Congratulations to Vukile Property Fund’s MD, Itumeleng Mothibeli, who was announced as SAPOA’s incoming President and Fortress Real Estate Investment Limited's CEO, Steven Brown, as SAPOA President Elect. Itumeleng will take the reins from outgoing President and CEO of Attacq Limited, Jackie van Niekerk.