Cape Town's Constantia Emporium Shopping Centre Sold to FPG Holdings
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Cape Town's Constantia Emporium shopping centre has been sold to FPG Holdings after the Competition Commission approved the transaction without conditions, in a deal that also includes an adjacent vacant plot of land.
Cape Town's Constantia Emporium shopping centre has been sold to FPG Holdings after the Competition Commission approved the transaction without imposing any conditions. The deal includes the shopping centre on Ladies Mile Road in Constantia as well as an adjacent vacant plot of land.
The Competition Commission said the acquisition was unlikely to substantially lessen or prevent competition in any market and did not raise significant public interest concerns. “The proposed transaction does not raise significant public interest concerns,” the commission said.
FPG Holdings forms part of the FPG Group, which already owns several retail properties in Cape Town's southern suburbs. In its assessment, the commission noted that the FPG Group already owns eight retail centres within a 15 kilometre radius of the properties being acquired, including standalone convenience stores, neighbourhood shopping centres, a lifestyle centre and a hyper centre.
Constantia Emporium serves the Constantia, Bergvliet, Meadowridge and Kreupelbosch areas in particular. Its tenants include Checkers, Woolworths and Clicks alongside specialist retailers and other businesses.
The transaction involves more than the existing shopping centre, with the adjoining vacant property also included in the deal, and the commission's approval clears the way for FPG Holdings to acquire both properties. No details were provided about the buyer's intended use for the vacant land.