Mall co-owner gears for R800m write-off
For the first time since announcing a ‘settlement agreement’ with various parties in November 2024, Accelerate Property Fund – the 50% co-owner of Fourways Mall – has said that it may be forced to write off the R800m it is owed by those entities, most of which are related to Nic Georgiou (whose vehicle Azrapart owns the other 50% of the mall).
Moneyweb reports that the parties are a web of interrelated entities, including Azrapart (the developer of Fourways Mall), Accelerate Property Management Company, Fourways Mall Managing Agent, Fourways Precinct (the former manager of Fourways Mall), ‘the trustees for the time being of the Michael Family Trust’ and Michael Nicolas (Nic) Georgiou.
The November 2024 agreement lapsed due to various suspensive conditions not being fulfilled within the requisite timeframe.
A few months after announcing the original ‘settlement’, Accelerate told shareholders that ‘the suspensive conditions in the settlement agreement were not fulfilled on time and as a result the settlement agreement is of no force and effect’.
Accelerate said that although both parties have indicated their willingness to sign the new agreement, ‘the new agreement has not yet been concluded as of today’.
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