Popular shopping mall in South Africa’s capital sold for R148 million

·29 May 2026

JSE-listed Putprop is selling its 50% share in Mamelodi Square in Tshwane to township retail experts and co-owner, Exemplar REITail, for R148 million.

Putprop will sell its interest in the mall to Exemplar, and has also entered a land sale agreement for an industrial Dobsonville Property with the party for R20 million.

Putprop said that the disposals align with its strategy to realise value from non-core assets and redeploy capital into income-generating properties.

The proceeds will also be used to reduce debt and/or to invest in income-producing properties.

The Mamelodi Square Property has a total rentable area of 16,955 sqm, with a weighted average rental of R145.52 per sqm. The mall opened in October 2022.

The Dobsonville Property has a total rentable area of 3,500 sqm. The weighted average rental is R84.80 sqm, with the property zoned for industrial use.

As per the company’s financial statements for the year ended 30 June, Mamelodi Square and the Dobsonville Property were valued at R139 million and R18.5 million, respectively.

The audited profit after tax attributable to the net assets of Mamelodi Square, for the year ended 30 June 2025, amounted to R19.4 million.

For the period ended 31 December 2025, the profit after tax attributable to the mall’s net assets amounts to approximately R3 million.

Given that the sale agreements are entered into with the same purchaser, the deals constitute a category 1 transaction and require shareholder approval.

JSE-listed Exemplar acquired a 50% stake in Mamelodi Square in 2023 as part of a deal to move assets from McCormick Property Development.

McCormick Property Development (MPD) is a major township and retail mall developer owned by the John McCormick Family Trust. Both Exemplar and MPD share a leader in Jason McCormick.

Exemplar acquired its initial 50% share in the mall as part of its strategy to acquire high-quality assets from MPD. It acquired the initial stake for R116.5 million.

With the latest deal with Putprop, Exemplar will increase its share in Mamelodi Square to take full ownership, expanding its fast-growing portfolio.