Fourways Mall managers get option to buy up to 15% after steering turnaround
New 'upside' fee structure also firmly weds parties to each other for the next five years.
Asset managers Flanagan & Gerard (F&G) and Luvon, which oversee the Fourways Mall, have been granted the option to purchase up to 15% of the property from their co-owners, Accelerate and Azrapart. These managers, who were initially appointed in February 2024, have been credited with steering the mall through a remarkable turnaround.
Vacancies in the mall have dropped from 18.8% to 6.6%, and tenant turnover has increased by 61%. Trading densities have risen from R1,816/m² to R2,711/m². The latest development, The View, a R100 million luxury lifestyle food offering, is set to further enhance the mall's appeal. Tenants of the new wing include The Pantry, tashas, Fournos Bakery, Nossa Casa, Clay Café, and George’s Grill.
The managers have implemented a call option, entitling them to a share of up to 15% in the mall, contingent upon the achievement of certain performance benchmarks. These performance hurdles ensure that the managers are compensated for their role in driving the mall's growth and unlocking its full redevelopment potential.
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