Sale of Fountains Mall ‘called off’

Cindy Preller

DESPITE negotiations lasting more than a month over the possible sale of the Kouga region’s biggest mall, the sale has been called off.

Fountains Mall in Jeffreys Bay was one of five shopping centres across the country about which the Vukile Property Fund made a cautionary announcement in April of a possible sale.

However, Heloise van Niekerk from the Atterbury group, the property group that owns and manages the Fountains Mall, yesterday said the sale had been cancelled “and there are no current negotiations to sell the property”.

Van Niekerk did not want to give any more details about why the negotiations over the 32000m² shopping mall along the N2 were cancelled or what the selling price would have been.

Last week, chief executive of the Vukile Property Fund Laurence Rapp confirmed Vukile was “still in negotiations and discussions” over the sale of the Wingspan property portfolio, of which the Atterbury Group owns 30%.

“We don’t have a time frame of when a final decision will be made. In April we made a cautionary announcement to our shareholders that we have gone into negotiations for the acquisition of the Wingspan property portfolio, which includes the Fountains Mall,” Rapp said.

When contacted yesterday about Atterbury’s comment that the sale was cancelled, Rapp would only say discussions were not finalised yet.

In the cautionary announcement published on April 26, Vukile stated it would either go into the sale alone or together with a third party.

The other four shopping centres which form part of the Wingspan property portfolio are Irene Village Mall in Pretoria, Village Mall Hartbeespoort, Weskus Mall in Vredendal and Westwood Mall in Durban.

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