Popular Constantia shopping centre sold

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.

FPG Holdings forms part of the FPG Group, which already owns several retail properties in Cape Town’s southern suburbs.

Inside Constantia Emporium

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.

FPG Group owns eight nearby retail centres

In its assessment of the transaction, the Competition Commission noted that the FPG Group already owns eight retail centres within a 15km radius of the properties being acquired.

These include standalone convenience stores, neighbourhood shopping centres, a lifestyle centre and a hyper centre.

Despite the group’s existing presence in the area, the commission concluded that the acquisition was unlikely to substantially lessen or prevent competition.

“The proposed transaction does not raise significant public interest concerns,” the commission said.

The approval was granted without conditions.

Vacant land also included in the acquisition

The transaction involves more than the existing shopping centre, with an adjoining vacant property also included in the deal.

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.