Knysna sells out to Ingenuity

Knysna Mall is set to be sold as Ingenuity is paying R240 million to buy a 75% stake from The Waterbuck Trust.

Johannesburg - Knysna Mall is set to be sold as Ingenuity is paying R240 million to buy a 75% stake from The Waterbuck Trust.

In a statement issued to shareholders on Monday, Ingenuity said its purchase of the mall is in line with its strategy to invest in value-add opportunities in the Western Cape.

“The Knysna Mall has established itself as the dominant centre in the area.

“With proactive asset management further value can be extracted from this substantial asset. The attractive initial yield of 9.9% also represents good value in the current market.”

The mall, situated on the main street of the Western Cape tourist location, boats on its website that it offers “modern retail therapy and stylish convenience at its core” through its 60 “upmarket stores, restaurants and specialist outlets”.

The centre also has more than 600 undercover parking bays.

Ingenuity will pay cash for the centre, but may also issue shares to settle the R240 million price tag.

The deal is subject to several customary conditions, such as mortgage finance and Competition Commission approval.

IOL