Nedbank funds mall for Limpopo villageComment on this story
Consumers in the rural village of Moletlane near Zebediela in Limpopo are set to benefit from a conveniently located new shopping centre that is under construction.
This follows a recent announcement by Nedbank Corporate Property Finance that it had financed and taken an equity stake in the 15 016m2 Zebediela Plaza.
Located on the R519 between Roedtan and Zebediela, the centre is the brainchild of Masingita Property Investment Holdings (MPIH).
MPIH already holds a significant retail property7 portfolio, which includes Masingita Mall in Giyani, Jabulani Mall in Soweto and the recently completed Protea Glen Mall, also in Soweto.
Ken Reynolds, the regional executive of Nedbank Corporate Property Finance in Gauteng, said that the decision by Nedbank to finance and invest in the development was a relatively easy one to make given the excellent location of the proposed centre and the proven strength and historical success of the development team.
In addition to MPIH, the development team includes Vlaming Construction, ICS and LPA Architects.
Reynolds said that the tenant selection had been designed to cater for the specific needs of the people in the surrounding areas, which aligned the vision of Zebediela Plaza with the commitment of Nedbank Corporate Property Finance to fund sustainable developments that promoted rural economic development and growth by benefiting communities.
He said that this concept of community support was a key driver in Nedbank’s decision to involve itself in the project as the bank firmly believed the construction of the plaza would add value to the lives of residents of the area.
“The closest formal retail centre to the site where the plaza will be located is in Lebowakgomo, some 27km away, which means the people of Mokopane and surrounds currently have to undertake a round trip journey of over 50km to do their basic shopping,” said Reynolds.
The construction of Zebediela Plaza is scheduled to be completed by the end of this year.