Owner of South Africa’s largest mall sells major shopping centre for R630 million
Accelerate Property Fund, owner of South Africa’s largest shopping mall, Fourways Mall, has announced the disposal of one of its biggest retail assets, Cedar Square.
Cedar Square is a significant retail centre in Fourways, with approximately 44,249 square metres of gross lettable space.
According to Accelerate, the mall is being sold to a private group called Aristonas, which has the Big Apple Trust as its ultimate beneficiary.
The group is disposing of the mall as a going concern for an aggregate purchase consideration of R630 million.
Aristonas will acquire Cedar Square Shopping Centre, its related income stream and available bulk, but will not acquire the right to develop the bulk.
The right to develop the available bulk of 40,447 square metres will be retained by Accelerate by means of a Notarial Deed of Servitude registered in favour of the group, it said.
Should Aristonas wish to develop the bulk, it will be entitled to purchase the Development Rights by giving written notice to Accelerate.
The valuation of the bulk is R169 million, the group noted.
The transaction remains subject to Accelerate Shareholder approval and unconditional Competition Authority approval.
Accelerate said that the disposal forms part of its ongoing strategic repositioning and restructuring programme.
The group intends to apply the proceeds of the disposal to reducing debt.
During its 2025/26 financial year, Accelarate reduced its gross debt by approximately R777.3 million to R3.0 billion.
The improvement was mainly due to the fund’s disposal programme, with Accelerate selling four properties and a vacant stand for R788.5 million during the year.
A further five properties and stands were transferred after year-end, generating net proceeds of R278.2 million for debt reduction.
The value of the property portfolio, including assets held for sale, dropped to R6.6 billion from R7.75 billion, but this was mainly due to the disposal programme and fair-value adjustments.
Fourways Mall, valued at approximately R4 billion, makes up the biggest portion of the group’s portfolio, with Cedar Square a distant second.
Following the disposal, Fourways Mall will remain the last major retail centre in the portfolio.
Images of Cedar Square
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