R455 million shopping mall in South Africa sold

·3 Sep 2025

Spear REIT has received regulatory approval to acquire Maynard Mall in Wynberg, Cape Town for R455 million.

In July, Spear announced that it had entered into a sale of rental enterprise agreement with Aria Property Group to acquire Maynard Mall.

The group has received unconditional approval from the Competition Commission to proceed with the deal.

The acquisition remains subject to several other conditions precedent. The fulfilment will become effective on the date of registration of the property transfer, which should take place in January 2026.

Spear noted that the acquisition aligns with its objective to grow its portfolio of well-located, high-quality convenience retail assets within the Western Cape.

Maynard Mall, situated in the heart of Wynberg, Cape Town, is an over 25,00 sqm convenience-oriented community shopping centre anchored by Shoprite.

70% of the retailers are national retailers, including Ackermans, Absa Bank, Clicks, Capitec Bank, KFC, Hungry Lion, Nedbank, Pep, Sportscene, and Zone Fitness, alongside essential services and local traders.

It comes fitted with a 924 kWh PV Solar installation, which aligns with the JSE-listed REIT’s sustainability goals. I

The mall serves the daily and weekly needs of a broad residential catchment and commuter market, with an annualised footfall of roughly 6 million shoppers.

It is also positioned along major public transport routes and benefits from good accessibility and visibility.

“Its affordability, scale, and convenience-driven tenant mix position the asset firmly within the defensive convenience retail category,” said Spear.

“The centre caters to a wide demographic profile, enhancing its resilience across various economic cycles.”

The group added that the low vacancy levels, long-dated average lease expiries and favourable prospects for rental income growth make Maynard Mall a rate and attractive investment opportunity.

The group believes that the mall will be able to generate R20.8 million in profit by the end of the financial year ending 28 February 2027.