Spear REIT buys Maynard Mall for R455 million

WESTERN Cape-focused Spear REIT said it will acquire Maynard Mall, in Wynberg, for R455 million, marking its second acquisition concluded in two consecutive trading days.

- EDWARD WEST

Maynard Mall was being acquired from the Sphinx Trust and Glisan Street Investments, and the deal announced yesterday was aligned with Spear's objective to grow its portfolio of well-located, convenience retail assets within the Western Cape, the REIT'S directors said in a JSE notice.

On Friday, Spear announced the acquisition of Consani Industrial Park in Elsie's River Industria, for R437.3m, from Adrenna Property Group.

Maynard Mall is a dominant, convenience-oriented community shopping centre anchored by Shoprite.

It is fitted with a 924kWh solar installation, which further aligns with Spear's sustainability strategy, and 70% of tenants are national retailers, such as Ackermans, Absa Bank, Clicks, Capitec Bank, Hungry Lion, Sportscene, and Zone Fitness, alongside essential services and local traders.