{"id":835445,"date":"2025-08-19T16:02:02","date_gmt":"2025-08-19T14:02:02","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=835445"},"modified":"2025-08-19T16:13:26","modified_gmt":"2025-08-19T14:13:26","slug":"major-shopping-mall-in-south-africa-sold-for-r480-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/835445\/major-shopping-mall-in-south-africa-sold-for-r480-million\/","title":{"rendered":"Major shopping mall in South Africa sold for R480 million"},"content":{"rendered":"\n

Dipula Properties has announced five acquisitions totalling roughly R700 million, with the largest being the R480 million acquisition of Protea Gardens Mall in Soweto.<\/p>\n\n\n\n

Dipula is a JSE-listed South Africa-focused REIT with a defensive portfolio and more than two-thirds of its income from retail centres in townships, rural areas, and urban convenience nodes.<\/p>\n\n\n\n

Izak Petersen, CEO of Dipula Properties, said the acquisitions are \u201can agile response to improving market conditions and a more favourable cost of capital environment\u201d.<\/p>\n\n\n\n

The largest mall is the 24,000 sqm Protea Gardens Mall in Soweto, which is anchored by national retailers including Shoprite, Boxer and Cashbuild, as well as several fashion retailers. <\/p>\n\n\n\n

The mall boasts over 70% national tenant occupancy, presenting income durability. <\/p>\n\n\n\n

\u201cProtea Gardens Mall is an excellent strategic fit for Dipula with embedded growth and value unlock potential, underpinned by quality tenants and a growing consumer market,\u201d said Petersen.<\/p>\n\n\n\n

The group said that the acquisition supports Dipula’s strategic objective of growing its exposure to its targeted retail markets. <\/p>\n\n\n\n

On top of this, the group also announced that it had concluded terms for two other retail additions that will deepen its presence in key and proven markets. <\/p>\n\n\n\n

Woolworths Gezina is adjacent to the Dipula\u2019s Gezina Galleries, and the 4,600sqm addition will be incorporated into the existing centre. <\/p>\n\n\n\n

The expansion will enhance the overall tenant mix and bring the centre\u2019s gross lettable area to roughly 20,000 sqm. <\/p>\n\n\n\n

The company has also agreed to acquire the land adjacent to the 15,000 sqm Tower Mall in Jouberton. The move unlocks further expansion potential for the strongly performing shopping centre.<\/p>\n\n\n\n

In addition to its retail acquisitions, Dipula also concluded terms for two other properties, further cementing its core focus on logistics and industrial assets. <\/p>\n\n\n\n

This includes Airborne Industrial Park, located near OR Tambo International Airport, which is a fully let multi-tenanted park of 6,964sqm<\/p>\n\n\n\n

Abland DC is a modern logistics development spanning more than 16,000sqm, which it said has a a strong tenant covenant on a long lease.<\/p>\n\n\n\n

\u201cBoth these assets have excellent tenant profiles and are well aligned with our approach to capital allocation in the industrial sector, which is a core part of our strategy,\u201d said Petersen<\/p>\n\n\n\n

The group said that all properties are income- and quality-enhancing for Dipula\u2019s portfolio. <\/p>\n\n\n\n

The deals are subject to standard conditions precedent, with transfers expected between September and November 2025.<\/p>\n\n\n\n

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Images<\/strong> <\/h2>\n\n\n
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Protea Gardens Mall<\/figcaption><\/figure><\/div>\n\n
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Protea Gardens Mall<\/figcaption><\/figure><\/div>\n\n
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Protea Gardens Mall<\/figcaption><\/figure><\/div>\n\n
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Protea Gardens Mall<\/figcaption><\/figure><\/div>\n\n
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Protea Gardens Mall<\/figcaption><\/figure><\/div>\n\n
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Gezina Galleries<\/figcaption><\/figure><\/div>\n\n
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Gezina Galleries<\/figcaption><\/figure><\/div>\n\n
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Tower Mall<\/figcaption><\/figure><\/div>\n\n\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"

Dipula Properties has announced five major acquisitions worth R700 million, including the Protea Gardens Mall in Soweto. <\/p>\n","protected":false},"author":95,"featured_media":835454,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[23404],"class_list":["post-835445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-dipula-properties"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/835445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=835445"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/835445\/revisions"}],"predecessor-version":[{"id":835472,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/835445\/revisions\/835472"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/835454"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=835445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=835445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=835445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}