Retail shopping centres damaged by unrest

Gauteng and KwaZulu-Natal have been affected by unrest including looting, property damage and violence.

Gauteng and KwaZulu-Natal have been affected by unrest including looting, property damage and violence.

Eleven properties of SA Corporate Real Estate Limited have been damaged due to unrest in KwaZulu-Natal and Gauteng, the listed company said in a notice to shareholders on Tuesday.

Parts of South Africa have been affected by looting, violence, and property damage – this after protests over former president Jacob Zuma’s incarceration escalated over the weekend.

A number of businesses such as MTN, Vodacom, Standard Bank, FNB and Massmart have closed branches and stores in KwaZulu-Natal and Gauteng as a safety precaution, Bloomberg previously reported.

In a shareholder notice SA Corporate Real Estate, whose portfolio includes retail, residential and industrial properties, said its retail shopping centre properties have suffered “various degrees of damage” due to criminal actions by people participating in unrest in KwaZulu-Natal and Gauteng.

Affected properties in KwaZulu-Natal include Umlazi Mega City and an adjacent property, Springfield Value Mart, as well as Pine Walk Centre and Davenport Square.

In Gauteng, the affected properties include Hayani, Johannesburg Shopping Centre, Khan Corner, Normandie Court, Queens Court, Springbok and Greatermans.

SA Corporate Real Estate said it has been in contact with insurers and Sasria – which provides insurance for riots and civil unrest.

Tower Property Fund also issued a shareholder notice indicating that its Evagold Shopping Centre in Gauteng had been affected.

“Despite precautionary measures, Tower’s Evagold Shopping Centre in Gauteng has been significantly damaged as a result of being looted and then set on fire.”

The full extent of the damage has not been assessed, but the property is fully insured, it said.

Tower Property Fund’s portfolio includes retail, industrial and office spaces.