Fairvest to buy shopping centre

FAIRVEST, the listed property company, has entered into an agreement to acquire the 8 543m2 Sibilo shopping centre in Postmasburg in the Northern Cape for R95 million. The effective date of the acquisition from Purple Fountain Prop 132 will be the date of registration of transfer of ownership, which is expected to be about March 1. Fairvest said on Friday it would fund the purchase consideration through debt and/or equity funding. It added the acquisition was consistent with the company’s growth strategy in terms of which it focuses on acquiring retail assets with a weighting in favour of non-metropolitan areas and lower living standards measure sectors. – Roy Cokayne