MEDIA RELEASE
23 November 2011
LIBERTY PROMENADE SHOPPING CENTRE PROVIDES DIVERSE OPPORTUNITIES FOR LIBERTY HOLDINGS WHILST ASSISTING IN COMMUNITY UPLIFTMENT
Liberty Properties, a wholly-owned subsidiary of Liberty Holdings, has formally launched the refurbished Liberty Promenade Shopping Centre following an investment of over R500 million; resulting in an additional 24 000m2 bringing the centre a total of 86 000m2 , an increase of close to 30% in the complex’s retail real estate.
Liberty Promenade Shopping Centre forms part of the Liberty Balanced Property Portfolio (LBPP), which has delivered double digit returns for investors for the past 27 years, outperforming bonds and cash by 6% per annum over the last five years. Over a 10-year period LBPP has produced an average return of 15% on a straight line basis and continues to exceed its performance target of CPI plus 5% per annum over any rolling five-year period.
Commenting on the refurbishment and extension of the Liberty Promenade Shopping Centre, Samuel Ogbu, CEO of Liberty Properties, said, “The revival and expansion of the Liberty Promenade Shopping Centre is something we at Liberty Properties are immensely proud of. The centre is now recognised as the second largest shopping centre in the Western Cape, aligning to Liberty’s broader strategy, which is to maintain Liberty’s leadership position within the African property sector.”
Ogbu explains, “Liberty Promenade is not just a shopping destination. Our investment brings with it entertainment for the local community, a destination that the area can be proud of, and a gathering place for the community. The development has brought more jobs at the new stores however throughout the construction project employment opportunities were created with approximately 67% of the construction project’s general workforce being from the broader Mitchell’s Plain and Khayelitsha areas. Local businesses and schools have also benefited by the way of the donation of reusable items salvaged from the construction, we have calculated that about R45 million has been directly invested into the local community.”
When asked why Liberty Properties chose to invest in Mitchells Plain, Samuel Ogbu commented “Investment in infrastructure, facilities and services is key to improving the quality of life and an essential part of uplifting areas such as Mitchell's that previously did not attract their fair share of investment capital. We have conducted extensive research into the market and our experience has shown that if you present an offering of sustained quality, the people of Mitchells Plain will support you. We have been very happy with the performance of the Liberty Promenade investment and that gave us confidence that we could invest further. We take a very careful approach to these things because we represent hundreds of thousands of ordinary South African savers and pensioners. Mitchells Plain is one of the fastest growing and developing areas in the Western Cape. The community has proven over and over again that they are discerning shoppers who seek quality shopping and entertainment destinations in the community in which they live. The extension and refurbishment has entrenched the centre’s status as the preferred shopping destination of the Mitchells Plain and Khayelitsha communities. We are proud of the outcome and we hope the community will embrace it.”
Notes to Editors:
Liberty Properties is one of South Africa’s top commercial real estate businesses with a goal to expand its footprint across Africa and be the leading property brand on the continent. The company operates independently within the broader Liberty Holdings Group with three core capabilities: property development, property management and asset management. Its R24 bn property portfolio includes seven premier super regional shopping centres, fourteen prime commercial properties and thirteen hotels, managed on Liberty’s behalf by Southern Sun. This prestigious list includes a number of leading brands - the flagship Sandton City Shopping Centre with its adjoining Nelson Mandela Square, Eastgate, Liberty Midlands Mall Shopping Centre, Sandton City Office Towers and Sandton City Twin Towers, amongst others. The total gross leasable area of the portfolio is in excess of 935 901m².
For further information please contact:
Liberty Properties Communications
Danielle Hood
011 408 8911 / 079 478 9194
Liberty Group Communications
Rae Tsotsotso
Head of Public Relations
Fleishman-Hillard South Africa
Dumezulu Maphophe
011 548 2000 / 082 333 4659
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