Ben Fleur Boulevard boosts Emira’s retail assets
Ben Fleur Boulevard – a neighbourhood shopping centre in the key Mpumalanga town of Witbank (Emalahleni) – is a quality new addition to Emira’s growing retail property portfolio.
Emira acquired a 60% undivided share in Ben Fleur Boulevard for R93.35 million in October 2014. The acquisition includes the existing centre of 8,573m2, as well as a 60% share in two potential future phases, which could eventually see the centre fully developed to in excess of 15,000m2.
Ben Fleur Boulevard serves a rapidly growing, upmarket suburb. It has an excellent retail mix, anchored by Checkers and Woolworths, with strong lease covenants from its 79% national retailer base.
In November 2014, the newly constructed Woolworths began trading, so successfully that they exercised their option to expand their store as early as May 2015. The second phase includes the expansion of Woolworths at the centre, as well as more fashion retailers being introduced.
James Templeton, CEO of Emira Property Fund, comments: “Ben Fleur Boulevard supports Emira’s objective to increase its exposure to quality retail property with higher values. The centre has strong retailers and is in an exciting growth area of Mpumalanga.”