The oldest shopping mall in South Africa has officially sold for R400 million
Octodec has officially sold all of its shares in Killarney Mall for roughly R397.5 million, following the necessary regulatory approvals.
In an announcement published on the Stock Exchange News Service (SENS), the investment group said it had completed the transaction.
It confirmed that all regulatory requirements had been fulfilled and that ownership of the property had been transferred.
“All the conditions precedent for the implementation of the Transaction, including the receipt of the Competition Commission’s approval, have been timeously fulfilled,” Octodec said.
“Ownership of Killarney Mall was transferred to the Purchaser on 2 November 2026.”
The iconic mall’s buyer was previously identified as the AJP Group, which already has an extensive retail property portfolio, with a particular focus on Gauteng.
These include shopping centres such as Steeldale Mall, Glen Balad Mall, Elgin Mall, and Kempton Gate Mall.
The acquisition will include more than just retail space for AJP, with office space and a service station also included in the transaction.
Octodec said the disposal of the Killarney Mall would be used to service debts and for “strategic priorities.”
“The proceeds will be used, inter alia, to pay down borrowings and execute on strategic priorities,” the group said.
When approving the transaction, the Competition Commission said certain conditions would need to be met by the acquiring group.
These include establishing a dedicated empowerment fund to address public-interest concerns arising from the large merger.
The AJP Group will also have to support businesses owned by previously disadvantaged individuals, enabling them to operate in the Killarney Mall.
The Killarney Mall was the first mall-type shopping centre built in South Africa, and was constructed in 1961, 65 years ago.
Before it was a shopping centre, the property was used as the Killarney Film Studios, which was founded in 1916.
In the 1960s, a portion of the studio was converted into retail space, becoming South Africa’s first shopping mall.
Originally, the mall had three levels, with a mix of retail areas and office spaces, before undergoing several expansions and renovations over the years.
The centre underwent a R12 million renovation, which was completed in 1972, giving the mall roughly 150,700 square feet of leasable area.
Today, the Killarney Mall features several popular retailers such as Pick n Pay, Dis-Chem, Woolworths, and Clicks.
Photos of Killarney Mall
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