Safari Investments and Vukile Property Fund suffer damages to shopping centres
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TWO listed property groups, Safari Investments and Vukile Property Fund, suffered damage to their shopping centres, joining the plight of many other retail store and centre owners that have to repair and rebuild.
Safari Investment said yesterday three of its retail centres in Gauteng had become targets of lawlessness and criminal activity.
None of the company’s other investment properties had been affected.
Security measures at Thabong shopping centre in Sebokeng were breached, the centre looted and severe damage caused to all shops. The situation remained volatile but was under control. The property was insured from both a capital and income perspective.
A recovery plan was under way to get the centre operational again.
Security measures at Denlyn shopping centre in Mamelodi, and Nkomo Village in Atteridgeville, were also breached, but the situation was rapidly brought under control with minimal damage, damage was repaired and the centres were operational again on Wednesday.
Other than Thabong centre which was now under repair, all shopping centres in the portfolio were currently open and trading.
“We find that communities are supporting us now and playing an invaluable role in protecting Safari’s centres,” the company said.
Vukile Property Fund said six of its shopping centre properties had suffered various degrees of damage, four in KwaZulu-Natal (Durban Workshop, PineCrest in Pinetown, Hammarsdale Junction and KwaMashu Shopping Centre) and two in Gauteng (Daveyton Mall and Dobsonville Mall in Soweto).
While the full extent of the damage needed to be confirmed, it appeared that most was concentrated around shopfronts and equipment. Two properties – Pinetown’s Pine Crest and KwaMashu Shopping Centre – suffered fire damage.
“SASRIA, through our insurance broker, has been notified of the various incidents and a loss adjuster has been appointed to assess the damage and rental loss,” the group said.
“We support business and industry initiatives urging the government to act swiftly and decisively to restore law and bring calm to the affected areas. Vukile has deployed additional private security to all affected and high-risk sites – KwaZulu-Natal remains volatile. We have been inspired by the courage and resilience of communities who have been moved to protect their shopping centres.”