Fin24 reports that Akani Properties has acquired the Nicolway Shopping Centre in the affluent Johannesburg suburb of Bryanston on behalf of its client, the Municipal Employees Pension Fund.

The company advised that the Competition Tribunal had already approved the R1.1 billion transaction, which saw Akani acquire all properties in the Nicolway Precinct, including the Decathlon retail component, and the office building known as Nicolway West offices. The Managing Director of Akani Properties, Zamani Letjane, commented: "The acquisition of Nicolway demonstrates our optimistic view on the recovery of the SA economy from the effects of the Covid pandemic. We are also seeing a shift from large shopping malls to small convenient shopping centres – a growing trend that presents growth opportunities for our property portfolio." The 100% black-owned Akani Properties has close to R3billion total assets under management. As a commercial hub, Bryanston has become busier than Sandton since the start of the Covid-19 pandemic, with fuller offices than the latter. Its malls are also benefitting from work-from-home trends and consumers' preference for smaller shopping centres.

• Read the full original of the report in the above regard by Londiwe Buthelezi at Fin24

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