Burnstone, in partnership with Flanagan Gerard, has acquired a 50-percent stake in The Neighbourhood Square for R380 million ($21 million).
Following successful past transactions, this acquisition marks a move to boost long-term income and capital growth. Additionally, the plans include refining the retail mix and investing in renewable energy, aiming to improve customer experience and sustainability at the center.
Listed on the Johannesburg Stock Exchange (JSE), Burnstone is led by South African CEO Andrew Wooler. The company has successfully closed this significant R380-million ($21 million) deal, partnering with retail real estate specialist Flanagan Gerard, thereby expanding Burnstone's retail portfolio.
The Neighbourhood Square, a 10,000-square-meter open-air convenience retail center, boasts an impressive tenant mix. It includes 86 percent national retail tenants and dual anchor tenants, Checkers and Woolworths. Known for its exceptional trading metrics and zero vacancy rate, the center stands as a valuable addition to Burnstone's holdings.
