{"id":844630,"date":"2025-11-26T13:45:00","date_gmt":"2025-11-26T11:45:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=844630"},"modified":"2025-11-26T14:12:30","modified_gmt":"2025-11-26T12:12:30","slug":"major-south-african-shopping-mall-stake-sold-for-r620-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/844630\/major-south-african-shopping-mall-stake-sold-for-r620-million\/","title":{"rendered":"Major South African shopping mall stake sold for R620 million"},"content":{"rendered":"\n

Vukile Property Fund is set to acquire a 50% stake in Chatsworth Centre, in KwaZulu-Natal, from Sanlam Life Insurance Limited for R620.4 million.<\/p>\n\n\n\n

This was revealed in Vukile Property Fund\u2019s unaudited consolidated results for the six months ended 30 September 2025.<\/p>\n\n\n\n

The Chatsworth Centre is situated 15 km from the Durban CBD and is bordered by the Umlaas River to the South and the Umhlatuzana River to the North.<\/p>\n\n\n\n

Access to the centre is via the Higginson Highway, and it is within walking distance of the major bus routes and the railway station.<\/p>\n\n\n\n

Chatsworth Centre houses approximately 150 stores and is part of the Chatsworth central business district.<\/p>\n\n\n\n

It is a community centre frequented by people from the Chatsworth, Shallcross, and greater Durban South areas.<\/p>\n\n\n\n

The centre attracts over 1.1 million shoppers per month, making it an important mall in the Durban metropolitan area.<\/p>\n\n\n\n

The Chatsworth Centre was owned by Sanlam Life, which, in turn, is controlled by Sanlam Limited.<\/p>\n\n\n\n

It is operated by Excellerate JHI, a trusted property services company that delivers comprehensive strategies, services and solutions to a wide client base.<\/p>\n\n\n\n

The group has pumped millions of rands into the mall over the years, including a R140 million facelift and refurbishment between 2016 and 2018.<\/p>\n\n\n\n

These enhancements, including entrance upgrades, paving, parkades, and storefronts, kept the centre up to date with modern amenities.<\/p>\n\n\n\n

The Chatsworth Centre features most prominent retail brands in South Africa, including Foschini, MR Price, Spar, Spur, Woolworths, and Wimpy.<\/p>\n\n\n\n

It also has all the banks in the centre, including Absa, Standard Bank, Capitec, FNB, Nedbank, and African Bank.<\/p>\n\n\n\n

Vukile Property Fund buys 50% of Chatsworth Centre<\/h2>\n\n\n\n
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Vukile Property Fund recently announced that it had received approval to acquire a 50% stake in the Chatsworth Centre for R620 million.<\/p>\n\n\n\n

Vukile Property Fund is a retail property-focused real estate investment trust (REIT) which owns a portfolio of properties in South Africa, Spain, and Portugal.<\/p>\n\n\n\n

It is also involved in property asset management and owns a combination of retail and office properties as well as vacant land.<\/p>\n\n\n\n

Vukile owns several prominent retail centres across South Africa, including East Rand Mall, Randburg Square, and Mall of Mthatha.<\/p>\n\n\n\n

On Wednesday, 26 November 2025, it stated that the acquisition of 50% of Chatsworth Centre is nearing its final stages.<\/p>\n\n\n\n

\u201cWe expect to take transfer of this asset before the end of calendar year 2025,\u201d the Vukile Property Fund said.<\/p>\n\n\n\n

This is not the only deal in which Vukile is involved. It announced that it has an exclusive option to acquire a further nodally dominant township asset.<\/p>\n\n\n\n

It stated that this asset, which was not named, aligns closely with the quality of assets within its portfolio.<\/p>\n\n\n\n

\u201cWe have commenced with the due diligence and hope to close out the transaction by March 2026,\u201d Vukile said.<\/p>\n\n\n\n

With the current retail portfolio value of R17.7 billion and the potential addition of these two assets, Vukile\u2019s portfolio could reach R20 billion by the end of the financial year.<\/p>\n\n\n\n

\u201cThis will further strengthen our bargaining power, across all operational levers and stakeholder groups, a notable milestone for the portfolio,\u201d it said.<\/p>\n\n\n\n

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Chatsworth Centre photos<\/h2>\n\n\n\n
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\n","protected":false},"excerpt":{"rendered":"

Vukile Property Fund is set to acquire a 50% stake in Chatsworth Centre, in KwaZulu-Natal, from Sanlam Life Insurance Limited for R620.4 million.<\/p>\n","protected":false},"author":10,"featured_media":840972,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[24261,21129,17208],"class_list":["post-844630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-chatsworth-centre","tag-sanlam-life-insurance-limited","tag-vukile-property-fund"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/844630","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\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=844630"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/844630\/revisions"}],"predecessor-version":[{"id":844633,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/844630\/revisions\/844633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/840972"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=844630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=844630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=844630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}