{"id":849367,"date":"2026-01-30T11:05:43","date_gmt":"2026-01-30T09:05:43","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=849367"},"modified":"2026-01-30T11:05:48","modified_gmt":"2026-01-30T09:05:48","slug":"popular-shopping-mall-in-south-africa-officially-sold-for-r478-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/849367\/popular-shopping-mall-in-south-africa-officially-sold-for-r478-million\/","title":{"rendered":"Popular shopping mall in South Africa officially sold for R478 million"},"content":{"rendered":"\n

Dipula has formally taken over Protea Gardens Mall in Soweto, Johannesburg, with the deal going through earlier this month. <\/p>\n\n\n\n

Dipula is a JSE-listed REIT, with roughly 70% of its income coming from defensively positioned retail properties, including shopping centres in townships and in rural and urban convenience nodes.<\/p>\n\n\n\n

In August 2025, Dipula announced a series of acquisitions in line with its goal to expand its portfolio by adding well-located, high-quality industrial and convenience, township, and rural retail assets. <\/p>\n\n\n\n

Dipula has now advised shareholders that the transfer of these properties has taken place, which includes Protea Gardens Mall, which went through on 8 January 2025. <\/p>\n\n\n\n

Protea Gardens Mall in Soweto is a 24,000 sqm mall, 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, which Dipula previously said indicates 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 Izak Petersen, CEO of Dipula Properties, in August. <\/p>\n\n\n\n

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

On top of the acquisition of Protea Gardens Mall, Dipula also acquired Woolworths Gezina, which is adjacent to Dipula\u2019s Gezina Galleries in Pretoria and is now incorporated into the larger mall. <\/p>\n\n\n\n

The transfer of the 4,600 sqm Woolworths Gezina went through on 19 December 2025, which expands Gezina Galleries GLA to 20,000 sqm. <\/p>\n\n\n\n

The company now also has control over two industrial properties, including the nearly 7,000 sqm Airborne Industrial Park, located near OR Tambo International Airport, transferred on 27 August 2025. <\/p>\n\n\n\n

The group also acquired the Bayer Distribution Centre in Klerksdorp, which covers over 16,000 sqm, with the transfer going through on 8 December. <\/p>\n\n\n\n

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

Trading update<\/h2>\n\n\n
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Izak Petersen, CEO and founder of Dipula Properties. <\/figcaption><\/figure><\/div>\n\n\n

Dipula also released a trading update for the period, with all retail categories, except services and hardware, reporting above-inflation turnover growth of 3% to 11%. <\/p>\n\n\n\n

The most substantial growth was recorded in the cellular and electronics categories, while the services turnover dropped slightly by 2%. <\/p>\n\n\n\n

On a provincial basis, the highest turnover growth was achieved in KZN and the Eastern Cape, at 10% and 8%, respectively. <\/p>\n\n\n\n

Limpopo recorded turnover growth of 6%, North-West 4%, Gauteng and the Free State 3% each and Mpumalanga a decline of 1.5%.<\/p>\n\n\n\n

Turnover at Dipula’s urban convenience and rural centres increased by 6%, while turnover at urban township centres grew by 3%. <\/p>\n\n\n\n

The strongest sales performance for the quarter was also recorded in November 2025, as customers now appear to be doing earlier festive-season shopping than previously the norm. <\/p>\n\n\n\n

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Images and transfer information<\/h2>\n\n\n
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Protea Gardens<\/figcaption><\/figure><\/div>\n\n
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Protea Gardens<\/figcaption><\/figure><\/div>\n\n
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Protea Gardens<\/figcaption><\/figure><\/div>\n\n
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Protea Gardens<\/figcaption><\/figure><\/div>\n\n
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Protea Gardens<\/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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Gezina Galleries<\/figcaption><\/figure><\/div>\n\n\n
Property<\/th>Sector<\/th>Location<\/th>Purchase Price<\/th>GLA (m\u00b2)<\/th>Price per m\u00b2<\/th>Transfer date<\/th><\/tr><\/thead>
Airborne Business Park<\/td>Industrial<\/td>Boksburg, Gauteng<\/td>R63 million<\/td>6,964<\/td>R9,047<\/td>27 August 2025<\/td><\/tr>
Bayer Distribution Centre<\/td>Industrial<\/td>Klerksdorp, North West<\/td>R156 million<\/td>16,364<\/td>R9,533<\/td>8 December 2025<\/td><\/tr>
Woolworths Gezina<\/td>Retail<\/td>Gezina, Gauteng<\/td>R16.2 million<\/td>4,630<\/td>R3,499<\/td>19 December 2025<\/td><\/tr>
Protea Gardens Mall<\/td>Retail<\/td>Soweto, Gauteng<\/td>R478.1 million<\/td>24,141<\/td>R19,804<\/td>8 January 2026<\/td><\/tr>
Total<\/strong><\/td><\/td><\/td>R713.3 million<\/strong><\/td>52,099<\/strong><\/td><\/td><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"

Dipula Properties has officially taken over Protea Gardens Mall in Soweto in a deal worth R478 million. <\/p>\n","protected":false},"author":95,"featured_media":835469,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[24642],"class_list":["post-849367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-dipula"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/849367","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=849367"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/849367\/revisions"}],"predecessor-version":[{"id":849406,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/849367\/revisions\/849406"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/835469"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=849367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=849367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=849367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}