{"id":840348,"date":"2025-10-20T10:30:00","date_gmt":"2025-10-20T08:30:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=840348"},"modified":"2025-10-20T09:52:51","modified_gmt":"2025-10-20T07:52:51","slug":"big-change-for-popular-r450-million-shopping-mall-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/840348\/big-change-for-popular-r450-million-shopping-mall-in-south-africa\/","title":{"rendered":"Big change for popular R450 million shopping mall in South Africa"},"content":{"rendered":"\n

Spear Reit has spent over R1 billion to acquire real estate assets, including the R455 million Maynard Mall in Cape Town.\u00a0<\/p>\n\n\n\n

In its financial results for the six months ended 31 August 2025, the Western Cape-focused Spear said it acquired real estate assets to R1.074 billion. <\/p>\n\n\n\n

The new acquisitions include the R182 million Berg River Business Park, R437 million Consani Industrial Park and R455 million Maynard Mall. <\/p>\n\n\n\n

\u201cThe new acquisitions are set to transfer into the core portfolio during Q3 & Q4 FY2026,\u201d it said. <\/p>\n\n\n\n

The group recently said that the date of registration for the Maynard mall property transfer should be in January 2026.\u00a0<\/p>\n\n\n\n

\u201cThe core portfolio remains well placed to deliver consistently on its strategic focus.\u201d <\/p>\n\n\n\n

\u201cThe key drivers to such delivery being strong return-to-office and letting momentum, semigration, localisation, commencement of an interest rate cutting cycle and constraint in supply of real estate assets.\u201d <\/p>\n\n\n\n

The group\u2019s occupancy levels for the six months sat at 95.03%, with it stating that its balance sheet is being primed for growth with a HY2026 LTV of 13.85% before the Maynard Mall Acquisitions.<\/p>\n\n\n\n

Announced in July and approved by the Competition Commission in September, Spear previously said Maynard Mall aligns with its focus on well-located, high-quality convenience retail assets. <\/p>\n\n\n\n

The Wynberg-based Maynard Mall is an over 25,000 sqm convenience-oriented community shopping centre anchored by Shoprite. <\/p>\n\n\n\n

70% of its tenants are national retailers, including Ackermans, Absa Bank, Clicks, Capitec Bank, KFC, Hungry Lion, Nedbank, Pep, Sportscene, and Zone Fitness, alongside essential services and local traders.<\/p>\n\n\n\n

The mall comes fitted with a 924 kWh PV Solar installation,  and is positioned along major public transport routes and benefits from good accessibility and visibility. <\/p>\n\n\n\n

The mall serves the daily and weekly needs of a broad residential catchment and commuter market, with a footfall of about 6 million shoppers. <\/p>\n\n\n\n

The group said that the mall will be able to generate R20.8 million in profit by the end of the financial year ending 28 February 2027.<\/p>\n\n\n\n

In its interim results, Spear said that the decline in interest rates and effects of two-pot withdrawals have had positive impacts on its tenants as consumer demand returns and spending power increases. <\/p>\n\n\n\n

\u201c<\/strong>Spear’s tenants have reported positive trading conditions as footfall levels remain strong and basket sizes remain in line with tenant expectations, particularly within the apparel segment.\u201d <\/p>\n\n\n\n

Financials <\/h2>\n\n\n
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Spear\u2019s financial results improved over the financial year, with basic earnings per share rising 65% to 74 cents. <\/p>\n\n\n\n

The group\u2019s headline earnings per share rose 12% to 43 cents, while distributed income per share (DIPS) rose by 5% to 44 cents. <\/p>\n\n\n\n

The group\u2019s distribution per share (AKA interim dividend) rose by 5% to 42 cents. <\/p>\n\n\n\n

For the rest of the year, the group has maintained a DIPS growth rate of 4% to 6% compared to the 2025 financial year. The guidance is influenced by the following: <\/p>\n\n\n\n