Growthpoint Properties reports a distribution growth of 7.2% for the year ended June 30, outperforming its original forecast and delivering on higher performance prospects announced at its half-year presentation earlier this year.

The turnover growth is in line with national benchmarks but is decelerating, especially in the lower and middle markets, says Growthpoint Properties CEO Norbert Sasse, adding that inter- national retailer interest remains strong at prime shopping centres. However, finding suitable premises is challenging.

Extensions and redevelopments at Brooklyn Mall and Kolonnade Centre Mall, both in Pretoria, Walmer Park Shopping Centre, in Port Elizabeth, and North-gate Shopping Centre, in Johan-nesburg, are all on time and within budget and the stores are expected to open for trade between the third quarter of this year and the third quarter of next year.

The extensions and redevelopment at Brooklyn Mall cost R201-million and will be complete by December. The final phase entails the construction of a 2 000 m2 box for an international fashion retailer and a 2 000 m2 gross lettable area (GLA); how- ever, Growthpoint is waiting for the local authority to approve some of the applications in this regard.

The redevelopment of the old ice rink on the ground level to accommodate the bigger Mr Price and CNA retail stores forms part of the construction work at the Kolonnade, which will be complete by October. The project will cost R65-million.

Walmer Park’s redevelopment and extension comprise a new GLA for Clicks, banks and new stores for Apple i-store. The existing Clicks premises will be extended for the first Zara shop in the Eastern Cape, while the existing banks’ premises will be converted into usable premises for fashion retailers. Edgars will also be extended with the construction of a greater GLA. The project will cost R110-million and tenants in the extension are expected to trade from November.

The redevelopment of North-gate Mall entails converting the Game premises into a fashion mall and larger premises for other retailers, as well as a new entrance and parking deck being constructed at a cost of R123-million, with completion scheduled for April next year.

Growthpoint owns and manages 393 properties in South Africa and 44 properties in Australia through its 65.8% investment in Growthpoint Properties Australis; it also has a 50% interest in the properties at the V&A Waterfront, in Cape Town.

For the first time, its tangible assets exceeded R60-billion at the 2013 year-end – consolidated tangible assets were valued at R62.8-billion.