Popular shopping malls in South Africa sold for R356 million
Township and rural retail real estate experts, Exemplar REITail Limited, have bought large stakes in three malls across South Africa for R356 million, as the company looks to expand its presence.
In its results for the year ended 28 February 2026, the group said that it had placed strategic focus on key acquisitions and portfolio expansions in recent months.
This includes acquiring a 50% stake in Tonk Meter Crossing, Springs, Gauteng, in late 2025, in a deal worth R67 million, with the asset now being expanded to over 21,268 sqm.
The redeveloped mall will be launched in September 2026 as iTonka Square. The group also completed two further acquisitions after the year-end.
These acquisitions increased the company’s portfolio across six provinces to over 700,000 sqm, and its Gauteng retail centre count to eleven.
In April 2026, it acquired Vosloorus Crossing, a 10,323 sqm retail centre in Vosloorus, Gauteng, for R177 million, at an initial yield of 9.3%.
The centre is situated adjacent to its flagship Chris Hani Crossing Mall, with Exemplar stating that the acquisition strengthens a high-performing retail node.
This is done through a coordinated leasing and asset management strategy across both centres, it said. Anchor tenants at the mall include Spar, Builders Warehouse and a full banking complement.
The group also acquired a 50.38% interest in the Steelpoort retail precinct in Limpopo in April, yielding 9.3%. The deal cost R112.2 million plus 2,929,115 shares to be issued.
The existing 27,787 sqm precinct, which includes the Steelpoort Shopping Centre, is earmarked for expansion to approximately 43,000 sqm.
“Beyond simple acquisitions, these are deliberate, accretive investments focused on deepening our presence in key high-growth nodes, improving asset quality through considered redevelopment of the sites,” said the CEO of Exemplar, Jason McCormick.
“It is through the strength of our portfolio that we aim to consistently grow returns and ensure continued value for our stakeholders.”
Regarding its financial results, the group declared a full-year distribution of 176.9 cents per share, representing 15.3% growth over the prior year.
The company’s net property income grew 13.1% to R978 million, driven by sustained demand across its township and rural centres.
Earnings per share also saw strong growth, with basic earnings per share increasing by 26.8% to 424.1 cents, while headline earnings per share increased by 7.8% to 153.4 cents.
The group’s net asset value per share rose 15.3% to R19.25. The company’s total property portfolio was valued at R11.24 billion by the end of the year.
| Financial Metric | Audited for the 12 months ended 28 February 2026 | Audited for the 12 months ended 28 February 2025 | Change % |
| Rental and recovery income (R’000) | 1,523,910 | 1,331,213 | 14.5% |
| Net property income (R’000) | 977,988 | 864,517 | 13.1% |
| Net property income before operating lease equalisation (R’000) | 964,899 | 856,854 | 12.6% |
| Basic earnings per share (cents) | 424.10 | 334.34 | 26.8% |
| Headline earnings per share (cents) | 153.41 | 142.32 | 7.8% |
| Diluted basic earnings per share (cents) | 413.79 | 325.45 | 27.1% |
| Diluted headline earnings per share (cents) | 149.68 | 138.53 | 8.0% |
| Net asset value per share (Rand) | 19.25 | 16.69 | 15.3% |
| Total distribution per share (cents) | 176.85053 | 153.40373 | 15.3% |
| Interim dividend per share (cents) | 84.92758 | 70.24654 | 20.9% |
| Final distribution per share (cents) | 91.92295 | 83.15719 | 10.5% |
| Final dividend per share (cents) | 75.61427 | 66.05324 | – |
| Return of contributed tax capital per share (cents) | 16.30868 | 17.10395 | – |
Exemplar’s New Retail Assets
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