Fourways Mall. Picture: JEREMY GLYN
But COO Andrew Costa said the Covid-19 pandemic meant the group needed to hold onto large amounts of cash for the next few months. Accelerate said the Covid-19 situation was highly volatile and continually evolving and the fund was working with its tenants to secure long-term income streams, limit vacancies and ensure long-term sustainability for all parties involved.
Group revenue of R1.05bn was earned during the period, compared with R1.19bn in the year to March 2019, and an operating profit of R670m was earned compared with R813m for the comparative 2019 period. Accelerate had plans to develop residential stock near Fourways Mall. It was already under way with the development of 500 residential units behind the Buzz Shopping Centre on Witkoppen Road.
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