Shoprite Checkers Finalizes Sale of Drakenstein Centre to FPG Holdings

In a strategic move to streamline its property portfolio, retail giant Shoprite Checkers has successfully sold the Drakenstein Centre, a prominent shopping complex located in Paarl, Western Cape, to FPG Holdings. This transaction was recently given the green light by the Competition Commission, ushering in a new era of ownership for the bustling retail hub.

The Drakenstein Centre, positioned at the intersection of Wemmershoek and Lustigan Roads, serves as a key shopping destination in the region and has been under the stewardship of Shoprite Checkers, with its flagship Checkers store as the anchor tenant. This center was further enhanced in November 2021 with the introduction of the state-of-the-art Checkers supermarket, which has not only generated 182 job opportunities but has significantly uplifted the shopping experience for local customers. With contemporary in-store services that range from gourmet eateries to health-focused retailing, the supermarket has become a blueprint for modern food retailing.

Moreover, the Checkers store stands out with its assortment of specialized food bars - from sushi to artisanal bread, and a remarkable selection of over 400 cheeses and wines from esteemed local estates. Accompanied by a Krispy Kreme and a broad variety of health and wellness offerings, Drakenstein Centre has elevated the standard of shopping sophistication in the Western Cape.

The purchaser, FPG Holdings, is no stranger to managing properties of this scale. As the fully owned subsidiary of the well-established FPG Property Fund—which is under the umbrella of FPG Investments—FPG Holdings brings considerable experience in the acquisition, investment, and development of both commercial and residential ventures. Their portfolio, which is expansive over rentable spaces in office, retail, and industrial sectors, extends across different provinces including the Western Cape, Northern Cape, Gauteng, and North West.

The Competition Commission's stamp of approval communicates confidence that the sale of Drakenstein Centre will not impede competition or stir concerns related to public interest. This reassurance is instrumental as it implies that patrons of the centre can anticipate a continuity of service and offerings without any significant shifts in the market dynamics.

Furthermore, this acquisition by FPG Holdings serves as a testament to the underlying value and appeal of commercial real estate in South Africa's Western Cape, particularly in thriving areas such as Paarl. The Drakenstein Centre stands out as a hub, complemented by a variety of retail outlets, adding to its diversified commercial oeuvre that includes renowned brands like Starbucks, Woolworths Food, and Wellness Warehouse.

As the deal concludes, the Drakenstein Centre is poised for sustained growth and success under the custodianship of FPG Holdings, ensuring the legacy of a premier shopping destination continues while contributing to the region's economic stability and workforce employment.