Latest news with #FourwaysMall
IOL News
3 days ago
- Business
- IOL News
Accelerate Property Fund reports significant credit losses and strategic disposals
JSE-listed Accelerate Property Fund has Fourways Mall as the flagship of its portfolio. Vacancies in the mall decreased to 13.7% by the en of the year to March 31, 2025, from 19% a year before. Image: Fourways Mall/Facebook Accelerate Property Fund (APF), which has Fourways Mall as the flagship in its portfolio of retail, office and industrial properties, has massively increased its credit losses to R1.05 billion due to the impairment of a related party agreement of R970.7 million. In the results for the year to March 31, rental income fell by 5.7% to R824.04m. Net property income was down by 8.3% to R494.74m. Including the expected credit loss, the taxed loss increased 103.2% to R1.27bn from a R624.74m taxed loss a year before. The big impairment related to a settlement agreement entered into in November last year, between APF and co-developer of the mall, Azrapart, that had lapsed due to suspensive conditions not being fulfilled in the requisite timeframe. Last month, Azrapart was placed into business rescue by the High Court in Bloemfontein, following an application by FirstRand's RMB and Investec, but Azrapart is appealing the ruling. Other parties to the agreement are the trustees of the Michael Family Trust; and Accelerate's former CEO Michael Georgiou, who also controls Azrapart. Although a new agreement was drawn up, it had still not been signed at the release of the results. As a result, the amount was impaired. 'As at the date of this report, Mr Georgiou (on behalf of the related parties) has not signed the new settlement agreement,' Accelerate's directors said. They said that despite its challenges and the geopolitical and economic headwinds, the group focused on strategic objectives - optimising the balance sheet through disposals to reduce debt and the concomitant reduction of SA REIT loan-to-value. During the year, eight assets were disposed of with a combined lettable area of 63 284 square metres, for R694m. After the financial year-end, Erf 7 Roggebaai and 1 Charles Crescent were transferred with a combined area of 15 547 square metres. The proceeds of R62.4m were used to settle debt. Sale agreements for a further four properties were concluded to the value of R688.5m, with a lettable area of 41 719 square metres, and a combined vacancy of 28.8%. The group's average collection rate was 98.9%. The directors said the formation of the Government of National Unity had improved investor confidence, and GDP growth was projected to accelerate to 1.5% in 2025 supported by stabilising electricity supply. Inflation had moderated. Regarding the outstanding related party matter, the directors said preliminary legal advice suggested the company's claims against the related parties were unlikely to have prescribed. 'However, certain aspects of the legal position remain under consideration.' Operating costs fell by 13.5%, largely due to decreased staff costs, but legal fees increased after the conclusion of sale agreements, related circulars, redrafting of related party agreements and the restructured finance agreements. Disposals unlocked proceeds of R694m utilised to reduce interest-bearing borrowings. During the year, R110.4m was spent on properties which includes investment properties and non-current assets held-for-sale. This was funded from available funds from facilities as well as specific facilities put in place for Fourways Mall. Vacancies decreased to 19.4% as at March 31, 2025, from 21.1% as at the same time a year before. Vacancies in Fourways Mall decreased to 13.7% from 19% following an aggressive drive to attract new tenants. The SA REIT LTV decreased to 48.3% from 50.3%. This was mainly a function of the disposals and LTV was expected to improve as the disposal programme progressed. On July 25, 2025, the company successfully raised R100m through a fully underwritten rights offer. Visit:
The Citizen
25-07-2025
- Business
- The Citizen
Displaced but not defeated, hawkers vow to fight for their spot
'They removed us so that they can plant trees,' declared hawker Blessing Melambo, a statement that encapsulated the anguish many traders feel as they were forcibly cleared from the busy intersection at Winnie Mandela Drive and Fourways Boulevard. The removals, executed by the JMPD following a call from Fourways Mall, Ward 94 councillor David Foley, and the intervention of the Fourways Improvement District officers, are part of a beautification project envisioned by the mall. While the hawkers, including Mlambo and Fatima Mashaba, acknowledge that the land belongs to the mall's proprietors, the emotional and economic toll is palpable. 'It's really painful,' said Mlambo, voicing the frustration of traders who have long depended on the foot traffic and commerce of this bustling location. 'We really do not mind getting a designated area where we can pay rent and keep clean. We have been here for a long time and leaving just like that is not easy for us.' Also read: Fourways Gardens Estate plant 67 trees for 67 minutes of Mandela Day But not all the traders are willing to take this removal lying down. 'We are not just going to move quietly this time around,' said Lindi Mothali, vowing to seek guidance from various government departments. Mothali, and fellow traders, are demanding, not only a right to their livelihoods, but also a seat at the table in future decision-making processes. 'It's painful, because we get our items from the mall,' said Margaret Seanego, highlighting the close economic ties that bind them to the mall's ecosystem. Seanego said she has spent decades trading at this intersection, and she laments that her removal now endangers her ability to support her grandchildren. 'We just need them to show a little compassion and work with us, because we are also customers at the mall.' Foley, at the time, said the law is clear, hawking is not permitted on provincial roads. He also confirmed that the removal of the hawkers was lawful. Also read: Lonehill residents create 'Garden of Eden' at shopping centre with indigenous plants Trees to bring shade and beauty, but at what cost? In a few short months, a soft, green canopy of Celtis Africana trees will stretch over parts of Winnie Mandela Drive and Fourways Boulevard. Hardy, evergreen, and low-maintenance, the species was specifically chosen to line the streets leading up to Fourways Mall as part of the beautification project which is now in full swing. The trees, 200 in total, were donated by Johannesburg City Parks and Zoo to enhance the environment around the mall. They're being carefully planted by local landscaping company, We Serve Landscaping, headed by Ishmael Mutileni His team has already begun work along the key arteries surrounding the mall, including Cedar Road. 'These are not just any trees,' Mutileni explained. 'Celtis Africana are perfect for urban spaces. They don't damage infrastructure with their roots and they stay lush during their season. In just a few months, this area will be transformed.' Also read: Fourways resident fed up with eye sore vendors taking over Winnie Mandela Drive The project has been championed by Fourways Mall representative Nicho Mbhumi, who described the current phase as a milestone. 'I'm very happy, because this is what I needed to see. We want to improve the aesthetic of the mall for the community, environment, and people who are coming to the area. I can't wait for them to bloom and show off their beauty. 'We understand that the informal traders are trying to make a living, but law enforcement is also important. We were very understanding when we were enforcing the law. Nobody's goods were impounded. We simply explained why they can't be here,' said Mbhumi. Follow us on our Whatsapp channel, Facebook, X, Instagram and TikTok for the latest updates and inspiration!
The Citizen
14-07-2025
- Business
- The Citizen
200 trees signal new aesthetic chapter for Fourways Mall after trader clearance
There's something quietly powerful about trees. How they soften a space, offer shade, and everything else that's green. For the community around Fourways Mall, 200 newly donated trees are about to do just that. Johannesburg City Parks and Zoo has handed over the trees to support the mall's beautification project, which began a few weeks ago with the removal of informal traders along Winnie Mandela Drive and Fourways Boulevard. The joint operation with the Johannesburg Metropolitan Police Department (JMPD) and the Fourways Improvement District made space for something new to take root, literally. Also read: Sunninghill residents rally to keep their streets litter-free Nicho Mbhumi, representing Fourways Mall and spearheading the beautification project from the very beginning, said he's thrilled about this next phase. 'I'm very happy, because this is what I needed to see. We want to improve the aesthetic of the mall for the community, environment, and people who are coming to the area. I can't wait for them to bloom and show off their beauty. We are so grateful to City Parks for these beautiful trees.' The tree planting is being done in partnership with Ishmael Mutileni, from We Serve Landscaping, who is carefully planting the tree species around the mall, lining Winnie Mandela Drive, stretching from the intersection onto Fourways Boulevard and down to Cedar Road, and including the verges on the road. Also read: Fourways Mall rises from the ashes with a multimillion rand revamp According to Mutileni, the transformation won't take long. Once in the ground, the trees are expected to bloom in a few months, bringing life, colour, and a sense of renewal to the heart of Fourways. 'The trees are called Celtis Africana. They were selected because they are beautifully evergreen during their season, and they don't have invasive roots, which might damage the road. They are also very low in maintenance.' Follow us on our Whatsapp channel, Facebook, X, Instagram and TikTok for the latest updates and inspiration! Have a story idea? We'd love to hear from you – join our WhatsApp group and share your thoughts! At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
06-07-2025
- The Citizen
Hawkers on Winnie Mandela Drive cry abuse
Lindy Mothali, Blessing Mlambo, Margaret Seanego, and a group of informal traders operating along William Mandela Drive say they are fed up with being shifted from one location to another with no permanent solution in sight. The hawkers, who have been selling goods in the area for years, say they are now reaching a breaking point, after their recent removal by Fourways Mall management, Ward 94 councillor David Foley, the Johannesburg Metropolitan Police Department (JMPD), and private security officers from the Fourways Improvement District. The traders were evicted from their trading spots on Winnie Mandela Drive and Fourways Boulevard, both of which are classified as provincial roads where hawking is prohibited. But the hawkers argue that this enforcement is unfair and lacks compassion. According to them, this is not the first time they've been removed. Many say they were previously displaced from other intersections before settling there. 'Before we came here, we were chased from other places too. Now, again, we are being told to move. We're tired of being moved like cattle,' said Mothali. 'Some of us were selling here before the mall was even built.' The hawkers claim they have documentation reflecting their attempts to formalise their trading. One such paper, seen by Fourways Review, lists exactly Winnie Mandela Drive as the road for Mothali to operate on legally. 'I got these papers from the health department, but [JMPD] say they are not correct papers,' she added. 'Another problem is that the authorities don't include us in their meetings. They come here already decided and that is not right. We also have rights, as hawkers, in the constitution. We also need a share of the pie. #Illegaltrading ♬ original sound – Caxton Joburg North @caxtonjoburgnorth Blessing Mlambo, as well a group of other informal traders who moved to the other side of Fourways Boulevard and Winnie Mandela Drive after being removed from their spots for a beatification project by Fourways Mall, says they are not willing to move just like that this time around. #Fourwaysmall Adding to their fear is the looming threat of yet another forced removal. According to Mothali, JMPD officers and security personnel warned them earlier this week that they will be cleared out again on July 7. 'It's going to be bad for us,' said Seanego, who supports her grandchildren through her trading. 'They take our stock when they come. That stock is my bread. My grandchildren depend on it because the grant money isn't enough.' Seanego says what hurts the most is that she buys her goods from Fourways Mall to sell to passing motorists and pedestrians. 'We support the mall. We buy from them. We contribute to their business. So, why can't they work with us, not against us?' The hawkers say they feel excluded from key conversations that affect their livelihoods. They've now formed a WhatsApp group to discuss their next steps and share information. 'All we need is a designated area where we can sell. We do not mind paying rent and taking care of the place, but [officials] don't know that, because we are not involved in the meetings where decisions are made about us. We also have rights. We just want to be heard and to work with the system, not be crushed by it,' said Mlambo. Foley confirmed that the recent action was lawful, saying that hawking is not permitted on provincial roads. He urged traders to engage the city through the proper channels for legal trading space. This is a developing story. Follow us on our Whatsapp channel, Facebook, X, Instagram and TikTok for the latest updates and inspiration! Have a story idea? We'd love to hear from you – join our WhatsApp group and share your thoughts! At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
19-06-2025
- Business
- The Citizen
Law vs livelihood: JMPD removes informal traders from Winnie Mandela Drive
The streets between Winnie Mandela Drive and Boulevard Road, just before Fourways Mall, are usually bustling with activity, and it is all thanks to the informal traders who call this spot their workplace. That all changed on June 19 when JMPD officers swooped in, removing the informal traders and their stalls. The move was based on a call to action from the Fourways Improvement District, a non-profit company, Fourways Mall, and Ward 94 councillor David Foley, who said it is for a very specific reason: 'It's against the law to trade on provincial roads.' Also read: Informal traders, pointsmen, and traffic light tamperers, your days in Fourways are numbered Foley said that the area is slated for a beautification project, aimed at making the spot more welcoming to the visitors and shoppers at Fourways Mall. 'We are planning to beautify the area with plants, so that it is welcoming for people who plan to come to the businesses. It will also be easier for officers to monitor the area.' What does this mean for the informal traders who rely on this spot to make a living? Fatima Mashaba, from Diepsloot, said she started trading in the area in 2022. 'I don't know where to go because this is my only means of income. What is it that my kids are going to eat? I am aware it is against the law, because this is not the first time that the police came to remove us from the area, but there are no jobs. What can we do?' Also read: Community funding initiative continues in order to fence off informal settlement @caxtonjoburgnorth An informal trader on Winnie Mandela Drive and Boulevard Road in Fourways tries to negotiate if authorities can place them elsewhere to trade after being removed from the area. Video: Ditiro Masuku ♬ original sound – Caxton Joburg North She is not the only one, a second trader, who asked not to be identified, said the authorities should've issued them a warning about their visit, so that they could plan. 'It is not fair because it means today I did not make enough money. If they told us that they were coming, or said: 'Okay, today is your last day, tomorrow don't come here', it would've been better.' Follow us on our Whatsapp channel, Facebook, X, Instagram and TikTok for the latest updates and inspiration! Have a story idea? We'd love to hear from you – join our WhatsApp group and share your thoughts! At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
