Sale of three major malls in South Africa get the thumbs-up

The Competition Tribunal has approved the sale of three malls in South Africa.

Firstly, the Tribunal has unconditionally approved the sale of Table Bay Mall to the JSE-listed Hyprop for R1.6 billion.

The 67,500 sqm mall is located in Sunningdale, inland from Blouberg and Bay Bay, on Cape Town’s West Coast.

Hyprop previously said that the area is set to experience above-average growth due to the residential developments that are being driven by semigration to the Western Cape.

The centre is also located near a high-growth node, with the area around the mall earmarked to construct between 5,000 and 7,500 more residential units over the next decade.

Moreover, residents in the area tend to be medium to high-income earners.

Hyprop said that the net property income attributable to the mall amounted to R108.6 million for the year ended 29 February 2023.

It also expects net property income before depreciation for the period between 1 November 2023 and 31 October 2024 to reach R125.7 million.

The Tribunal also conditionally approved the merger where the Sasol Pension Fund, Luvon Investments, and Litapro acquire Eden Meander in George, Western Cape, from Accelerate Property Fund. .

As reported by Business Day, the mall comes in at 31,000 sqm and is valued at roughly R520 million, with a net operating income of R35.8 million.

The asset, measuring more than 31,000m², was acquired in 2016. At the end of March, it was valued at about R521.7m and had a net operating income of R35.8 million.

The Tribunal also unconditionally approved the merger where Redefine Retail intends to acquire Pan Africa Development.

Pan Africa’s sole property is the Pan Africa Shopping Centre, which is a 16,000 sqm community centre in Alexandra, Johannesburg.

Read: Sale of one of South Africa’s biggest shopping malls gets the go-ahead