Latest news with #R455
IOL News
17 hours ago
- Business
- IOL News
Wynberg's Maynard Mall acquired for R455 million, expanding Cape Town's retail landscape
The 25,969m² Maynard Mall, a convenience shopping centre located in Wynberg, Cape Town, has been acquired for R455 million. This transaction is said to reinforce South Africa's only regionally focused REIT's hyper-local investment strategy, targeting high-growth nodes across the Western Cape. Maynard Mall, a 25,969m² convenience shopping centre located in Wynberg, Cape Town, has been acquired by Spear REIT Limited for R455 million. 'This acquisition is a pivotal extension of our retail footprint in Cape Town's established Wynberg node,' said Quintin Rossi, CEO of Spear REIT. 'It deepens our exposure to resilient consumer retail trade and enhances our income stability profile, supported by a weighted average lease expiry of 57 months.' The acquisition was described as aligning with Spear's objective to grow its portfolio of well-located, high-quality convenience retail assets within the Western Cape. Maynard Mall, centrally located in Wynberg, Cape Town, is a convenience-oriented community shopping centre anchored by Shoprite, with a strong tenant mix comprising 70% national retailers, including Ackermans, Absa Bank, Clicks, Capitec Bank, KFC, Hungry Lion, Nedbank, Pep, Sportscene and Zone Fitness, as well as essential services such as the Department of Home Affairs and local traders. The centre caters to both daily and weekly shopping needs, drawing from a broad residential catchment area and the commuter market, with an annualised footfall of 6 million shoppers. The anticipated transfer date is 1 January 2026, with the acquisition being funded through a combination of cash from Spear's recent R 749 million capital raise and secured debt facilities. The transaction is expected to deliver an initial yield of 9.55%, with an additional R20 million allocated for medium-term capital expenditures. Spear said it has identified asset enhancement capital expenditure measures of up to R20 million to be carried out over a three- to five-year period to enhance the value proposition of Maynard Mall. These items include the potential increase in the self-storage offering, future expansion of the PV solar installation, modernisation of selected lifts, escalators, HVAC equipment and mechanical installations. Assuming the full asset enhancement capital expenditure is accounted for on the transfer date, the post capex, stabilised yield would be 9.15% - 9.3%. 'Spear has actively pursued growth opportunities in Cape Town's convenience retail sector, on terms that aligned with its strategic and financial criteria; requiring management to remain patient, selective, and firmly committed to its investment strategy,' Rossi said. 'Today's announcement gives credence to our approach.'
The Star
6 days ago
- The Star
Man used fake documents to buy R500,000 Toyota Fortuner and vanished for five years
Jonisayi Maromo | Published 1 day ago A 29-year-old man, Mthobisi Shezi, appeared before the Delmas District Court in Mpumalanga on Monday after allegedly purchasing a Toyota Fortuner sport utility vehicle (SUV) using fraudulent documents. On Saturday, the Hawks' Secunda-based serious corruption investigation team and the serious commercial crime investigation unit arrested Shezi in Greytown, KwaZulu-Natal. 'The suspect allegedly purchased a Toyota Fortuner on credit by submitting fraudulent bank statements and fraudulent payslips to the finance institution in Delmas,' said Mpumalanga provincial Hawks spokesperson, Lieutenant Colonel Magonseni Nkosi. Shezi allegedly received the popular SUV, worth R455,900, in October 2020. 'Ever since the vehicle was driven out of the dealership, not a single installment has been paid in the past five years,' said Nkosi. The financial institution turned to the Hawks for investigation, and a thorough investigation led the team to Greytown in KwaZulu-Natal, where Shezi was arrested on Saturday. Meanwhile, provincial head of the Hawks in Mpumalanga, Major General Nico Gerber has welcomed Shezi's arrest, and commended the investigating teams for their thorough efforts in tracking down the wanted man. Last year, IOL reported that the Middleburg Magistrate's Court convicted and sentenced Jacob Aphane for vehicle fraud after he used fake documents to purchase a Suzuki Ertiga, and did not pay the monthly instalments. The conviction and sentence came after Aphane was charged with vehicle finance fraud to the value of R496,211. 'It was reported that on October 7, 2022, the accused applied for vehicle finance at Yagos 4 Wheel Cars in Middelburg, using fraudulent documents, a payslip and a bank statement. He alleged that he was employed at GT Auto Company in Marblehall. Wesbank approved the finance application based on the fraudulent documents presented,' Lieutenant Colonel Sekgotodi Dineo said at the time. After the approval, Aphane collected the vehicle, a Suzuki Ertiga. However, Aphane did not pay the monthly instalments for more than three months. 'The bank tried to locate him, but he was not found. The matter was reported to the Hawks' Middelburg-based serious commercial crime investigation for further probe. During the investigation, it was established that the company (which Aphane claimed to work for) does not exist,' said Sekgotodi. [email protected] IOL News
IOL News
7 days ago
- IOL News
Man languishes behind bars for using fake documents to purchase R500,000 Toyota Fortuner
The Hawks tracked Mthobisi Shezi and arrested him in Greytown, KwaZulu-Natal, on Saturday, after he allegedly defrauded a financial institution in 2020. Image: Hawks/IOL A 29-year-old man, Mthobisi Shezi, was remanded in custody when he appeared before the Delmas District Court in Mpumalanga on Tuesday, after he allegedly purchased a Toyota Fortuner sport utility vehicle (SUV) using fraudulent documents. Provincial Hawks spokesperson, Lieutenant Colonel Magonseni Nkosi, said Shezi was remanded in custody for a bail application on Thursday. IOL previously reported that on Saturday, the Hawks' Secunda-based serious corruption investigation team and the serious commercial crime investigation unit arrested Shezi in Greytown, KwaZulu-Natal. 'The suspect allegedly purchased a Toyota Fortuner on credit by submitting fraudulent bank statements and fraudulent payslips to the finance institution in Delmas," said Nkosi. Shezi allegedly received the popular SUV, worth R455,900, in October 2020. 'Ever since the vehicle was driven out of the dealership, not a single installment has been paid in the past five years,' said Nkosi. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The financial institution turned to the Hawks for investigation, and a thorough investigation led the team to Greytown in KwaZulu-Natal, where Shezi was arrested on Saturday. Meanwhile, provincial head of the Hawks in Mpumalanga, Major General Nico Gerber has welcomed Shezi's arrest, and commended the investigating teams for their thorough efforts in tracking down the wanted man. Last year, IOL reported that the Middleburg Magistrate's Court convicted and sentenced Jacob Aphane for vehicle fraud after he used fake documents to purchase a Suzuki Ertiga and did not pay the monthly instalments. The conviction and sentence came after Aphane was charged with vehicle finance fraud to the value of R496,211. 'It was reported that on October 7, 2022, the accused applied for vehicle finance at Yagos 4 Wheel Cars in Middelburg, using fraudulent documents, a payslip and a bank statement. He alleged that he was employed at GT Auto Company in Marblehall. Wesbank approved the finance application based on the fraudulent documents presented,' Lieutenant Colonel Sekgotodi Dineo said at the time. Jacob Aphane was sentenced after he used fraudulent documents to purchase a Suzuki Ertiga. Image: File After the approval, Aphane collected the vehicle, a Suzuki Ertiga. However, Aphane did not pay the monthly instalments for more than three months. 'The bank tried to locate him, but he was not found. The matter was reported to the Hawks' Middelburg-based serious commercial crime investigation for further probe. During the investigation, it was established that the company (which Aphane claimed to work for) does not exist,' said Sekgotodi. IOL News
IOL News
22-07-2025
- IOL News
Man used fake documents to buy R500,000 Toyota Fortuner and vanished for five years
The Hawks tracked Mthobisi Shezi and arrested him in Greytown, KwaZulu-Natal, on Saturday, after he allegedly defrauded a financial institution in 2020. Image: Hawks/IOL A 29-year-old man, Mthobisi Shezi, appeared before the Delmas District Court in Mpumalanga on Monday after allegedly purchasing a Toyota Fortuner sport utility vehicle (SUV) using fraudulent documents. On Saturday, the Hawks' Secunda-based serious corruption investigation team and the serious commercial crime investigation unit arrested Shezi in Greytown, KwaZulu-Natal. 'The suspect allegedly purchased a Toyota Fortuner on credit by submitting fraudulent bank statements and fraudulent payslips to the finance institution in Delmas,' said Mpumalanga provincial Hawks spokesperson, Lieutenant Colonel Magonseni Nkosi. Shezi allegedly received the popular SUV, worth R455,900, in October 2020. 'Ever since the vehicle was driven out of the dealership, not a single installment has been paid in the past five years,' said Nkosi. The financial institution turned to the Hawks for investigation, and a thorough investigation led the team to Greytown in KwaZulu-Natal, where Shezi was arrested on Saturday. The Hawks tracked Mthobisi Shezi and arrested him in Greytown, KwaZulu-Natal, on Saturday, after he allegedly defrauded a financial institution in 2020 Image: Hawks Meanwhile, provincial head of the Hawks in Mpumalanga, Major General Nico Gerber has welcomed Shezi's arrest, and commended the investigating teams for their thorough efforts in tracking down the wanted man. Last year, IOL reported that the Middleburg Magistrate's Court convicted and sentenced Jacob Aphane for vehicle fraud after he used fake documents to purchase a Suzuki Ertiga, and did not pay the monthly instalments. The conviction and sentence came after Aphane was charged with vehicle finance fraud to the value of R496,211. 'It was reported that on October 7, 2022, the accused applied for vehicle finance at Yagos 4 Wheel Cars in Middelburg, using fraudulent documents, a payslip and a bank statement. He alleged that he was employed at GT Auto Company in Marblehall. Wesbank approved the finance application based on the fraudulent documents presented,' Lieutenant Colonel Sekgotodi Dineo said at the time. After the approval, Aphane collected the vehicle, a Suzuki Ertiga. Jacob Aphane was sentenced after he used fraudulent documents to purchase a Suzuki Ertiga. Image: File Picture However, Aphane did not pay the monthly instalments for more than three months. 'The bank tried to locate him, but he was not found. The matter was reported to the Hawks' Middelburg-based serious commercial crime investigation for further probe. During the investigation, it was established that the company (which Aphane claimed to work for) does not exist,' said Sekgotodi. [email protected] IOL News
