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New R1.1 billion mall for mThatha
Published: March 18, 2014

Artist’s impression of BT Ngebs Mall, under construction in mThatha in the Eastern Cape.

Nedbank Corporate Property Finance and SA property development and investment group, Billion, recently announced that Nedbank will provide R1.1 billion in finance to fund the development of the BT Ngebs Mall in mThatha in the Eastern Cape.

The funding will enable the Billion Group to complete the third regional shopping mall development by the group in 12 months. The mall will have 1 975 parking bays and will service about 390 000 households. It will be the largest shopping centre in the mThatha region, which has a retail undersupply of 477 341 m² .

“mThatha is a key centre of development in the Eastern Cape, and the BT Ngebs Mall has the potential to raise the value this economic hub adds, not just to the immediate surrounding communities, but to the region as a whole,” says Ken Reynolds, regional executive of Nedbank Corporate Property Finance in Gauteng.

“Construction has already started on the 58 808m² BT Ngebs Mall which is on the busy Errol Spring Avenue in southern mThatha, directly across the road from the city’s new sports stadium,” says Sisa Ngebulana, chief executive of Billion Group.

“Anchor tenant commitments have been secured from Pick n Pay, Shoprite, Edgars and Woolworths, and the mall will offer a tenant mix of 85 percent nationals, 17 percent local or line shops, and 2 percent franchises.

“BT Ngebs Mall will create thousands of sustainable jobs and entrepreneurial opportunities and the R60m infrastructure investment will help to address mThatha’s road, electricity and other infrastructure challenges.”

Source: SA Property News
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