Nedbank Corporate Property Finance loan R125m to revamp shopping centre in Limpopo

Posted On Thursday, 30 October 2014 09:56 Published by
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A whole new world of shopping will be in store for customers in the Limpopo town of Mankweng after the revamped Paledi Mall is launched.

Paledi Mall exterior

Financed by a R125 million loan provided by Nedbank Corporate Property Finance to developers the Twin City Development Group, the community shopping centre has been refurbished and extended from 13 089 m² to 24 081 m².

Growing from 50 to more than 95 shops, the R282 million centre is anchored by Spar, Shoprite and Woolworths stores. It also offers a Sasol filling station located at the entrance from the R71, a Supa Quick Fitment Centre, a free standing KFC drive-thru and 897 parking bays.

Located 29 kilometres east of Polokwane on the R71 Tzaneen Road, Mankweng is a rural town with a population consisting mostly of lower income groups. The University of Limpopo is the main attraction in the area and there is also a hospital and various schools.

It is believed that various student accommodation facilities will be developed over the next three to five years, and this is expected to have a major impact on the demand for retail facilities in the vicinity. The centre is located at the turn-off to the university which allows for good visibility and exposure. The University campus is approximately four kilometres east of the centre.

D'Anvo Jones, Regional Head: Nedbank Corporate Property Finance, Pretoria, says that Twin City Development pioneered retail in previously disadvantaged areas and has achieved unrivalled success. "The company is well-respected in the industry for their ability to deliver projects of this calibre and we are pleased to have been able to provide agile financing solutions for this development.

We believe that the refurbished and extended Paledi Mall will create a relevant and appealing retail option for Mankweng residents as well as those studying at the University of Limpopo, and that it will be yet another successful development for Twin City Development."

Twin City Development owns retail developments such as Blue Haze Mall in Hazyview, Twin City Malls in Burgersfort and Bushbuckridge and Elim Mall in Limpopo.

"We are very excited about the redevelopment of Paledi Mall. We are confident that the centre will become the ultimate shopping destination in the region due to its position and accessibility, along with the strong tenant mix and modern design," says Johan Visagie, Managing Director of Twin City Development.

"Nedbank Corporate Property Finance is proud to have enabled this refurbishment and extension, which will expand the limited retail offerings that were available in Mankweng, thus illustrating our leadership position in commercial property funding in South Africa," concludes Jones.

Last modified on Monday, 12 October 2015 12:39

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