The new owner of the Baywest Mall will focus on getting the basics right after buying the property in 2023.
The Baywest Mall and Hemingways Mall in East London were sold to Hangar 18 for R1.3bn each in September.
The mall was part of a portfolio of assets owned by the Rebosis Property Fund, which had to go into business rescue after falling into financial distress.
Hangar 18 co-founder and joint chief executive Marc Edwards said they were excited about taking ownership of the two properties.
“We look forward to bringing fresh new energy and ideas which we hope will translate into an enhanced customer experience,” Edwards said.
“We have clear plans for each of the malls and look forward to rolling out our strategy with our shoppers, tenants and staff.”
Edwards said they were encouraged by the development of the residential node surrounding Baywest and believed this would continue to bring more shoppers to the mall.
He said their focus would be on doing the basics right and offering a shopping experience deserving of the local and visiting shopper at Hemingways and Baywest.
Before going onto the market, the value of the 89,000m² Baywest Mall was pegged at R1.9bn, while the 73,829m² Hemingways Mall was valued at R1.72bn.
In May, after business-rescue attempts, properties owned by the Rebosis Property Fund across the country were put up for sale, including the Baywest and Hemingways malls.
Hangar 18 has a long history in the property industry in SA and abroad.
“We have excellent relationships with banks, capital providers, national tenants and listed real estate investment trusts,” Edwards said.
“We will be using this network of contacts and the company’s expertise to manage the properties in a very hands-on way.”
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