Township shopping mall to be sold for R177 million in South Africa
A township shopping mall in Gauteng is set to change hands in a R177 million deal after receiving the green light from South Africa’s Competition Commission.
Exemplar REITail Limited has acquired 100% of Vosloorus Crossing, a well-established retail centre in Vosloorus, east of Johannesburg, along with an associated solar energy operation that supplies power to the mall.
Vosloorus Crossing has a gross lettable area of just over 10,300 square metres and plays a key retail role in the surrounding community.
The centre hosts a strong mix of essential-service tenants, including Spar and Tops at Spar, Burger King, OBC Butchery, Builders Warehouse, and four major banks.
Exemplar noted that this tenant profile reflects its strategy of focusing on convenience-driven retail hubs in underserved townships and peri-urban areas.
The Competition Commission approved the transaction without any conditions, concluding that it is unlikely to substantially lessen or prevent competition in any relevant market.
In its assessment, the Commission noted that both the acquiring group and the target property operate in the provision of rentable retail property in Gauteng.
However, it found no significant competition or public interest concerns arising from the deal.
The solar enterprise linked to the mall, which supplies photovoltaic electricity to the property, was also included in the approval.
Exemplar REITail is a specialised real estate investment trust that owns, manages, and develops retail property in township and rural areas across South Africa.
Its existing portfolio comprises 29 income-generating properties spread across Gauteng, Mpumalanga, Limpopo, the Eastern Cape, KwaZulu-Natal, and the Western Cape.
These assets collectively offer nearly 439,000 square metres of gross lettable area, with a further 242,000 square metres under management.
Across its portfolio, Exemplar manages more than 2,000 stores, positioning it as a major player in the township retail property space.
The acquisition of Vosloorus Crossing comes as Exemplar continues to expand and invest in new developments.
Major township developments coming
One of its largest upcoming projects is Ntuzuma Mall in KwaZulu-Natal, where the group owns a 70% stake.
The centre is expected to have a gross lettable area of approximately 19,000 square metres and will be anchored by Boxer and Shoprite.
Additional tenants include Clicks, Foschini, KFC, McDonald’s, Pep, and three banks. The development is estimated to cost R390 million and is scheduled to open at the end of March 2027.
Exemplar is also investing heavily in Gauteng through the redevelopment of Tonk Meter Crossing in Selcourt, Springs.
The company has acquired a 50% undivided share in the centre for around R67 million and will fund a redevelopment costing an estimated R127 million.
Once complete, the centre will be renamed iTonka Square, with its gross lettable area expanding from just under 8,000 square metres to more than 21,000 square metres.
It will be double-anchored by Boxer and Shoprite, feature five banks, and host national retailers such as Ackermans, Clicks, Truworths, Markham, and KFC.
The upgraded centre is expected to be fully operational by October 2026, trading partially during construction.
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