One of South Africa’s largest financial services companies, Liberty Holdings has interests in life insurance, health and property, as well as in other areas. The Group is majority-owned by the Standard Bank Group, the largest banking business in Africa with interests in many other countries, including 17 African countries, Russia and South America, and is itself allied to the large Chinese bank, ICB.
Liberty Properties owns, manages and develops the Group’s properties portfolio as well as servicing third party clients; its direct property portfolio has around $3.5bn of assets under management, whilst the company also has interests in listed property. Total group interests are close to $7bn and its direct portfolio is retail-centric, with seven shopping centres.
Our prime asset is the super regional Sandton City shopping centre,” says Chief Executive Officer Samuel Ogbu: “From a total mixed-use point of view it is definitely our flagship, in that it comprises an impressive retail element of some 128,000sq m, together with a range of offices, three hotels and the Sandton International Convention Centre all on the one site.”
Adjacent to that site is Nelson Mandela Square, with around 30,000sq m of GLA. Liberty is presently refurbishing and extending Sandton City by a further 30,000sq m to reposition and reflect its status as Africa’s premier retail destination. When including Nelson Mandela Square, the entire complex comprises in the region of 200,000sq m.
“We are very excited about this project,” says Ogbu. “To reposition and regain the centre’s dominant position we are doing two things: firstly, we are revitalising the existing mall, modernising it and bringing in strong green features, natural light, improving the flow and removing some of the 1970s-style design features that remain – and making the experience more enjoyable.
By creating more space, Liberty is positioned to enhance its tenant mix, bring in more upscale international brands and improve its offering, not only to the South African shopper but also to the global traveller.
“We are delighted with our conversations with the likes of Zara and are keen to attract other retailers of that ilk,” he says. “Karen Millen, Debenhams or Harvey Nichols would be wonderful additions. We already have the Cartier’s and the Gucci’s and we now want to attract more of the ‘mass-affluent’ brands.”
Liberty jointly owns the Sandton City complex with another partner – it has 75 per cent of the entire asset – whilst it owns 100 per cent of Nelson Mandela Square.
Liberty is represented in four provinces: Gauteng, KwaZulu Natal, Western Cape and Eastern Cape, with the largest concentration of the Group’s assets located in Gauteng, including Sandton City and Nelson Mandela Square, but also Eastgate.
For the full article, please see the June 2010 issue.
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