Investec Property Fund

enabling sellers to earn part of the purchase price based on the performance of the business after the acquisition. About 27.4% of shareholders representing 36.2% of the voting share, excluding IPF shares held by Investec, have confirmed their intention to vote in favour of the transaction.

The transaction requires a 50% IPF shareholder approval, excluding the votes of Investec and its associates. IPF will post a circular of the proposal on or about April 17 with a general meeting scheduled for May 17.

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Musina Mall in Limpopo has reported growth in its total turnover of 34% during 2022 when compared to 2021 and 23% higher than 2019’s pre-Covid-19 levels. Footfalls at the mall increased by 6% in 2022 with its shopper numbers exceeding 900k in December, approaching the 1 million mark for the first time.

The mall houses 35 000m2 of retail space which is differentiated from shopping in Musina’s CBD, and the two nearest competing shopping centres are a vast 100 and 200 kms away.