{"id":845934,"date":"2025-12-27T13:00:00","date_gmt":"2025-12-27T11:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=845934"},"modified":"2026-03-27T11:39:40","modified_gmt":"2026-03-27T09:39:40","slug":"two-shopping-malls-being-sold-in-south-africas-richest-city-for-r215-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/845934\/two-shopping-malls-being-sold-in-south-africas-richest-city-for-r215-million\/","title":{"rendered":"Two shopping malls being sold in South Africa’s richest city for R215 million\u00a0"},"content":{"rendered":"\n

Accelerate Property Fund has received clearance from the Competition Commission to sell two malls in Fourways, Johannesburg. <\/p>\n\n\n\n

Accelerate is a real estate investment trust with its largest asset being the Fourways Mall – the nation’s largest shopping mall. <\/p>\n\n\n\n

Amid financial issues over the last several years, especially at Fourways Mall, the group has been selling non-core assets. <\/p>\n\n\n\n

In August, the group announced that it was selling the Buzz Shopping Centre and Waterford Centre in Fourways, for a combined total of R215 million, excluding VAT. <\/p>\n\n\n\n

\u201cThe Transaction forms part of Accelerate’s ongoing strategic repositioning and restructuring programme,\u201d it said in August. <\/p>\n\n\n\n

\u201cAccelerate intends to apply the proceeds of the disposal to the reduction of debt.\u201d <\/p>\n\n\n\n

The Buzz will be sold for R150 million, while the Waterford centre is sold for R65 million. <\/p>\n\n\n\n

The malls are being sold to Dorpstraat Capital Growth Fund and Property House Group Investments.<\/p>\n\n\n\n

The Buzz Shopping Centre has just over 14,000 sqm of gross lettable area (GLA), while the Waterford Centre has around 6,900 sqm. This is far below Fourways Mall\u2019s 178,000 sqm of GLA. <\/p>\n\n\n\n

Based on the financial results for the year ended 31 March 2025, the net operating income of The Buzz stands at c.R20.8 million and c.R7.9 million for Waterford.  <\/p>\n\n\n\n

In August, Accelerate said that the disposal yield is 9.5%, based on a one-year forward net income from 1 April 2025, even with Pick n Pay leaving the Buzz as anchor tenant.\u00a0\u00a0<\/p>\n\n\n\n

With the sale needing approval, the Commission has recommended that the Competition Tribunal approve the sale without conditions. <\/p>\n\n\n\n

The Commission stated that the proposed transaction is unlikely to lessen or prevent competition in any market substantially. <\/p>\n\n\n\n

The transaction also does not raise significant public interest concerns.<\/p>\n\n\n\n

The sale comes amid an upbeat performance from Accelerate Property Fund, which saw a drastic reduction in vacancies at Fourways Mall. <\/a><\/p>\n\n\n\n

In its interim results for the six months ended September 30, 2025, the group declared a profit of R49 million for the period.<\/p>\n\n\n\n

This represented a significant improvement from the R1.3 billion loss it had recorded just six months prior. <\/p>\n\n\n\n

\n\n\n\n

Images of the malls<\/h2>\n\n\n
\n
\"\"<\/a>
The Buzz Shopping Centre (Source: Facebook)<\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
The Buzz Shopping Centre <\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
The Buzz Shopping Centre <\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
The Buzz Shopping Centre <\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
The Buzz Shopping Centre <\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
Waterford Centre (Source: Facebook)<\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
Waterford Centre<\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
Waterford Centre<\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
Waterford Centre<\/figcaption><\/figure><\/div>\n\n
\n
\"\"<\/a>
Waterford Centre<\/figcaption><\/figure><\/div>\n\n\n
\n","protected":false},"excerpt":{"rendered":"

Accelerate Property Fund is selling two malls in Johannesburg, as its largest asset, Fourways Mall, starts showing signs of life. <\/p>\n","protected":false},"author":95,"featured_media":845937,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[19940],"class_list":["post-845934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-accelerate-property-fund"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/845934","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=845934"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/845934\/revisions"}],"predecessor-version":[{"id":855140,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/845934\/revisions\/855140"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/845937"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=845934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=845934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=845934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}