6 major shopping malls in South Africa sold as part of R2 billion deal

·23 Oct 2026

The Competition Commission has recommended that the Competition Tribunal approve the acquisition of rental enterprises, including six shopping malls.

The transaction will see property group Luxanio acquire the assets from Eptacor and Mergence.

Luxanio is wholly controlled by Mergence, which is in turn controlled by Dipula. It has an extensive portfolio of rental enterprises across the country.

It is now expanding the portfolio, targeting properties spread across four provinces and forming part of an R2 billion acquisition announced by Dipula in August.

The deal will add 90,000 square metres of retail space to the JSE-listed property group’s portfolio.

The primary target firms comprise two rental enterprises from Eptacor and six immovable rental enterprises from the Moolman Group.

The Eptacor properties are Kaalfontein Corner and Makro Bloemfontein—both fully controlled by Eptacor.

The Moolman Target Properties are:

Lephalale Mall
Sasolburg Mall
City Centre Polokwane
Game Centre Vryburg
Great North Plaza
Rand Steam Shopping Centre

The commission said it is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market.

The proposed transaction also does not raise significant public interest concerns, it said.

The biggest property in this deal is a 50% stake in Lephalale Mall in Limpopo, which accounts for around a quarter of the total transaction value.

Dipula is using two strategies to fund the major purchase, including utilising investors and bank loans.

The company has sold new shares to private investors, which helped it raise R1.1 billion in cash. The remaining balance will be covered by Dipula’s current debt facilities.