Accelerate Sells The Leaping Frog Shopping Centre To Dorpstraat Capital Growth Fund
Accelerate Sells The Leaping Frog Shopping Centre To Dorpstraat Capital Growth Fund. Accelerate has announced that it has sold The Leaping Frog Shopping Centre to Dorpstraat Capital Growth Fund.
The Leaping Frog, a convenience shopping centre located on the corner of William Nicol Drive and Mulbarton Road, Beverley, Fourways, Gauteng forms part of Accelerate’s retail portfolio and was acquired by Accelerate in December 2013. As of 30 September 2021, The Leaping Frog was valued at R140 million and is being sold for a maximum cash consideration of R130 million at a yield of 8.8%.
While the centre has performed adequately over the years it now requires a significant re-development in order to maintain value and compete with new centres in the area. Dorpstraat Capital Growth Fund has significant expertise in the redevelopment of convenience and neighborhood shopping centres. Given Accelerate’s ongoing drive to strengthen it’s financial position, the decision was taken to dispose of The Leaping Frog Shopping Centre which will be redeveloped by the Dorpstraat Capital Growth Fund.
Accelerate Property Fund is a Real Estate Investment Trust (REIT) listed on the Johannesburg Stock Exchange. The company offers investors the opportunity to share in a quality portfolio in South Africa and Europe. The Fund was listed on the Johannesburg Stock Exchange (APF) in December 2013 and it is headquartered in Fourways, Johannesburg.
Accelerate Property Fund aspires to be the most valued property fund on the Johannesburg Stock Exchange by acquiring high-quality properties with long-term leases with strong tenants. The Fund owns several properties in Fourways, including the super-regional Fourways Mall, Cedar Square, The Buzz, Waterford and BMW Fourways. It also owns the Oceana Building, the Mustek building, the Thomas Pattullo building and Portside building on the Cape Town Foreshore as well as the majority of properties in Charles Crescent, Sandton.
