Iconic South African mall being sold for R397 million
Octodec has reached an agreement to sell iconic Johannesburg mall, Killarney Mall, in a deal worth R397.5 million.
Octodec is selling 100% of the shares and claims in Killarney Mall to AJPG Property 1 Proprietary Limited for a consideration of R397.5 million.
The mall is an established shopping centre, which has been operating for over 45 years.
The group said that the retail and office spaces at Killarney Mall cater to a wide variety of shoppers and clients, offering easy access off the M1 highway, secure parking and 24-hour security.
The mall’s disposal is in line with the company’s broader capital-allocation strategy. The mall has been identified as an asset to recycle.
The company believes that greater value can be unlocked by divesting from non-core property and redirecting capital into other opportunities.
The proceeds from the sale will be allocated to reducing debt and to deployment for future projects.
The mall has a rentable area of 36,225 sqm for its retail operations, while its office space totals 11,245 sqm. The weighted average rental per sqm stood at R155.20 per month.
The valuation of the mall on 31 August 2025 was R407.6 million. The directors of Octodec are satisfied that the sale price of R397.5 million is of a fair market value.
The net liabilities and profits of Killarney Mall were R38,581,619 and R16,614,735, respectively, according to Octodec’s financial results for the year ended 31 August 2025.
Images of Killarney Mall
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