"Construction of the new McDonald's was expected to start during the latter part of the year‚ with operations starting in the first quarter of next year‚" the fund said on Tuesday (13 August).
Located at the fund's primary retail property‚ The Ridge @ Shallcross centre‚ which is between Chatsworth and Shallcross‚ the lease will run for an initial period of 10 years with the option for two further 10-year renewal periods.
Oasis Crescent Property Fund‚ which qualified as a real estate investment trust (Reit) with effect from the start of its current financial year in April‚ was established to provide an alternative to conventional South African property companies and unit trusts for Sharia-compliant investors.
It is managed by Oasis Crescent Property Fund Managers‚ which is part of Oasis Group Holdings.
The fund claimed the lease agreement will result in The Ridge @ Shallcross adding to its food services‚ by becoming the premium food destination within the greater Chatsworth area.
The fund has reported strong improvements in turnover‚ trading density and footfall numbers at the centre.
Oasis Crescent Property Fund is among the smallest listed property funds in SA. Its property portfolio was valued at R398.4m at the end of March‚ while its investment portfolio was valued at R285.4m.
For the year to March‚ the fund reported its distribution per unit excluding non-permissible income had decreased by 2.6% to 88.7c‚ while the fund had delivered a total shareholder return of 10.7%.
The fund said in May it expected trading conditions to remain competitive in the foreseeable future.
It said at the time it had identified further potential to increase the income earned on the direct portfolio by maximising returns on existing assets which will improve yields for investors.
Source: Business Day via I-Net Bridge
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