Liberty Two Degrees’ (L2D) retail portfolio achieved inflation-beating turnover growth of 4.9% during its 2024 financial year, with trading density having reached R56 477 per m², a 4.5% increase from 2023 and surpassing the Clur International Shopping Centre Index Q3 2024’s All-Centre benchmark of R41 539 per m², which grew 2.9% year-on-year.

“Our 2024 performance reflects our ability to navigate a complex operating environment while remaining steadfast in executing our growth strategy,” says José Snyders, Chief Executive of L2D. “We have maintained strong financial and operational metrics, despite economic headwinds, underscoring the quality of our assets and our commitment to innovation.”

While December 2024 saw an expected moderation in consumer spend, partly due to fewer weekends compared to December 2023, L2D says the Black Friday period significantly boosted its November performance with overall festive season trading having grown 5.2% year-on-year.

The Group reported a portfolio occupancy rate of 94.4% for the financial year with future pre-lets improving this to 94.7% (December 2023: 94.2%). Its retail occupancies stood at 96.9%, increasing to 97.3% (including pre-lets) while its office portfolio’s occupancy rate showed an improvement, reaching 86.1% including pre-lets. L2D concluded new leasing deals totaling 44 074m².

Its hospitality segment saw higher event volumes at the Sandton Convention Centre with improved hotel occupancy rates, achieving 71.7% occupancy, up from 65.5% in 2023.