Businesses across the spectrum have been targeted in Gauteng and KwaZulu Natal as violent civil unrest and disorder resulted in sporadic incidents of looting and damage to property this past week.
Redefine can confirm that five of our properties in KwaZulu Natal, namely Ushekela Industrial Park, Cato Ridge Distribution Centre, the Scottsville Mall, Isipingo Junction and 320 West Street, and one property in Gauteng, namely our co-owned retail centre, Chris Hani Crossing in Vosloorus, were looted and damaged. Attempts to loot Maponya Mall and certain of our other malls in Gauteng were fortunately thwarted, but all building management remains on high alert.
All our sites are being monitored and precautionary safety measures have been put in place to limit damage, as far as possible, to property and safeguard lives. In order to ensure the safety of our customers, tenants and employees we are monitoring the situation closely. Our unaffected shopping centres are operating as usual again but will be proactively locked down should the need prevail.
Approximately 2% (by value) of Redefine’s property portfolio has been affected, although the quantum of the damage remains uncertain at this time. The affected properties are comprehensively insured and any loss of income is similarly covered by business interruption insurance cover.
As a people centric organisation, Redefine shares the concerns of all South Africans about the unfolding events in our country and would like to thank its on-site staff, tenants, service providers, law enforcement agencies and the local communities who have all played an invaluable role in safeguarding Redefine’s properties during this difficult time.
Stakeholders will be kept informed of any further developments.