Major South African shopping mall stake sold for R620 million
Vukile Property Fund is set to acquire a 50% stake in Chatsworth Centre, in KwaZulu-Natal, from Sanlam Life Insurance Limited for R620.4 million.
This was revealed in Vukile Property Fund’s unaudited consolidated results for the six months ended 30 September 2025.
The Chatsworth Centre is situated 15 km from the Durban CBD and is bordered by the Umlaas River to the South and the Umhlatuzana River to the North.
Access to the centre is via the Higginson Highway, and it is within walking distance of the major bus routes and the railway station.
Chatsworth Centre houses approximately 150 stores and is part of the Chatsworth central business district.
It is a community centre frequented by people from the Chatsworth, Shallcross, and greater Durban South areas.
The centre attracts over 1.1 million shoppers per month, making it an important mall in the Durban metropolitan area.
The Chatsworth Centre was owned by Sanlam Life, which, in turn, is controlled by Sanlam Limited.
It is operated by Excellerate JHI, a trusted property services company that delivers comprehensive strategies, services and solutions to a wide client base.
The group has pumped millions of rands into the mall over the years, including a R140 million facelift and refurbishment between 2016 and 2018.
These enhancements, including entrance upgrades, paving, parkades, and storefronts, kept the centre up to date with modern amenities.
The Chatsworth Centre features most prominent retail brands in South Africa, including Foschini, MR Price, Spar, Spur, Woolworths, and Wimpy.
It also has all the banks in the centre, including Absa, Standard Bank, Capitec, FNB, Nedbank, and African Bank.
Vukile Property Fund buys 50% of Chatsworth Centre
Vukile Property Fund recently announced that it had received approval to acquire a 50% stake in the Chatsworth Centre for R620 million.
Vukile Property Fund is a retail property-focused real estate investment trust (REIT) which owns a portfolio of properties in South Africa, Spain, and Portugal.
It is also involved in property asset management and owns a combination of retail and office properties as well as vacant land.
Vukile owns several prominent retail centres across South Africa, including East Rand Mall, Randburg Square, and Mall of Mthatha.
On Wednesday, 26 November 2025, it stated that the acquisition of 50% of Chatsworth Centre is nearing its final stages.
“We expect to take transfer of this asset before the end of calendar year 2025,” the Vukile Property Fund said.
This is not the only deal in which Vukile is involved. It announced that it has an exclusive option to acquire a further nodally dominant township asset.
It stated that this asset, which was not named, aligns closely with the quality of assets within its portfolio.
“We have commenced with the due diligence and hope to close out the transaction by March 2026,” Vukile said.
With the current retail portfolio value of R17.7 billion and the potential addition of these two assets, Vukile’s portfolio could reach R20 billion by the end of the financial year.
“This will further strengthen our bargaining power, across all operational levers and stakeholder groups, a notable milestone for the portfolio,” it said.
Chatsworth Centre photos
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