Nedbank Corporate Property Finance has partnered with emerging market pioneer McCormick Property Development to provide R136 million for the development of Olievenhout Plaza, a suburban open boulevard-styled retail mall north of Johannesburg. Its investment arm has acquired a 25 percent equity stake in the development. Ken Reynolds, the regional executive for Nedbank Corporate Property Finance in Gauteng, said yesterday that this partnership showed Nedbank’s allegiance to proven stakeholders in the property industry, like McCormick, which was considered a market leader in retail development in South Africa. Reynolds said it also highlighted the bank’s dedication to investing in platforms aimed to uplift and empower all stakeholders. Olievenhout Plaza will be situated adjacent to the R55 between Midrand and Centurion and will have a gross lettable area of 16 314m2 with 50 shops. It is expected to be completed in June next year. Since 1983 McCormick Property Development has completed 52 developments in emerging markets. It is developing three of the largest malls in sub-Saharan Africa in Matola in Mozambique, Harare in Zimbabwe and Luanda in Angola. – Roy Cokayne