A coastal shopping mall linked to Sanlam, Africas largest insurer that counts billionaire Patrice Motsepe as deputy chair and shareholder, has been sold in KwaZulu-Natal to Trident following Competition Commission approval. The sale marks a strategic divestment and sharpening of focus on core insurance and investment operations.
Retail market sees major moves
Trident, a diversified property investment firm with holdings in South Africa, Australia, and the U.K., is acquiring the 29,361m shopping center, located just off the N2 freeway. Southcoast Mallalso known locally as the Shelly Centre was co-developed in 2005 by Hyprop Investments and Redefine Properties. Hyprop exited its 50 percent stake in 2011 , leaving Redefine as the sole owner, before Sanlam later took over.