Iconic 65-year-old shopping mall in South Africa being sold

·9 Oct 2026

The Competition Commission has conditionally approved the sale of Killarney Mall in Johannesburg to AJPG Property.

Earlier this year, Killarney Mall’s owner, Octodec, reached an agreement to sell the mall for R397.5 million.

Octodec Investments is a real estate investment trust that owns other popular malls in Gauteng, including Woodmead Value Mart, The Park, and Waverley Plaza.

Octodec agreed to sell 100% of its shares and claims in Killarney Mall to AJPG Property 1 Proprietary Limited.

If the sale is completed successfully, the mall will be owned by the property investment vehicle of the AJP Group, which owns 15 other retail properties.

AJP’s portfolio includes malls located mostly in Gauteng, including Steeledale Mall, Glen Balad Mall, Elgin Mall, and Kempton Gate Mall.

AJP Group will acquire the entire mall, which includes retail space, A-grade office space, and a fuel service station.

The Competition Commission approved the transaction and said that it is unlikely to significantly reduce or prevent competition in any market.

However, to address public interest concerns, the parties involved in the merger will be required to establish a dedicated empowerment fund.

The Commission also said that the new owners must support businesses owned by historically disadvantaged individuals, enabling them to establish and operate retail trading businesses.

Killarney Mall is the first mall-type shopping centre in South Africa, built 65 years ago in 1961, in the prestigious suburbs of Houghton, Westcliff, and The Parks.

Before becoming a retail centre, the property on which the mall stands was home to the Killarney Film Studios, which was established in 1916.

In the mid 1960s, a small portion of the studio was redeveloped into a small open-air shopping mall, which became the first mall type shopping centre in the whole of Africa.

Originally, the Killarney Centre contained three levels, with retail stores, sidewalk cafes and leased office spaces.

The mall went through several refurbishments and upgrades over the years, expanding its offering and increasing its capacity.

By 1972, after a R12 million renovation was complete, the mall encompassed around 150,700 leasable square feet and a car park that could hold around 1,000 cars.

In 2001, Killarney Properties sold the mall to Octodec and Gold Eagle Properties, and 25 years later Octodec has handed over the mall to AJPG.

The mall now hosts popular retailer stores such as Pick n Pay, Woolworths, Ackermans, Clicks, Dis-Chem, Mr Price, and PNA.