NAP feels brunt of BCL closure in Phikwe

Riverwalk mall is NAP's biggest property but the company has other assets across the country
Riverwalk mall is NAP's biggest property but the company has other assets across the country

The closure of BCL Mine has affected New African Properties’ (NAP) portfolio in Selebi-Phikwe resulting in an increase in both vacancies and rental arrears.

Commenting on the group’s financial results for the year ended July 31, 2017, the group chief executive officer (CEO) Tobias Mynhardt said they had exposure in Selebi-Phikwe, which has been impacted by the closure of the BCL in October last year.

The exposure to Selebi-Phikwe is 2.7% of the total property value and 3.4% of total rental at year-end.

Editor's Comment
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