Tower Property Fund: Durbanville mall bought for R226m

Tower Property Fund had acquired the De Ville Shopping Centre in Cape Town from Attacq for R226 million, Tower reported yesterday. Situated at the corner of Wellington and Main roads in Durbanville, the property has a gross lettable area of 13 455m², of which 2 558m² consists of a B-grade office tower above the retail centre and includes 515 undercover parking bays. The fund said the acquisition was in line with its strategy of targeting good-quality, well-located, medium-sized properties in major metropolitan areas. The transaction is expected to be effective from April 1 but is subject to conditions, including approval by the competition authorities, Tower and De Ville’s boards, and obtaining a loan. Tower shares added 2.44 percent to close at R8.40 and Attacq put on 1.62 percent to R18.19. – Roy Cokayne