#UnrestSA: Mall owners promise to rebuild, but the prospects of further investments are slim

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Listed mall owners have committed to rebuilding looted and damaged malls, but it might take years for some to reopen and the building of new centres is unlikely.
Listed mall owners have committed to rebuilding looted and damaged malls, but it might take years for some to reopen and the building of new centres is unlikely.
Deaan Vivier/Netwerk24

As if Covid-19 - which forced many South African mall owners to forgo a chunk of their rental income - was not enough, landlords now have to reconcile those losses with billions of rands that went up in smoke last week.

Among the landlords who had some of their malls looted and damaged are SA's biggest listed property company, Growthpoint, Redefine Properties and Vukile Property Fund. On Tuesday, the three property giants said it was still hard to estimate when some badly damaged malls would come back to operation.

Redefine Properties COO Leon Kok said it was still too early to accurately estimate the quantum of damages or indicate when the company can commence with reinstatement and rebuilding efforts in its worst affected properties.

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