{"id":851946,"date":"2026-02-25T07:00:00","date_gmt":"2026-02-25T05:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=851946"},"modified":"2026-02-25T17:06:38","modified_gmt":"2026-02-25T15:06:38","slug":"iconic-south-african-mall-being-sold-for-r397-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/851946\/iconic-south-african-mall-being-sold-for-r397-million\/","title":{"rendered":"Iconic South African mall being sold for R397 million"},"content":{"rendered":"\n

Octodec has reached an agreement to sell iconic Johannesburg mall, Killarney Mall, in a deal worth R397.5 million. <\/p>\n\n\n\n

Octodec is selling 100% of the shares and claims in Killarney Mall to AJPG Property 1 Proprietary Limited for a consideration of R397.5 million. <\/p>\n\n\n\n

The mall is an established shopping centre, which has been operating for over 45 years. <\/p>\n\n\n\n

The group said that the retail and office spaces at Killarney Mall cater to a wide variety of shoppers and clients, offering easy access off the M1 highway, secure parking and 24-hour security.<\/p>\n\n\n\n

The mall’s disposal is in line with the company’s broader capital-allocation strategy. The mall has been identified as an asset to recycle. <\/p>\n\n\n\n

The company believes that greater value can be unlocked by divesting from non-core property and redirecting capital into other opportunities.<\/p>\n\n\n\n

The proceeds from the sale will be allocated to reducing debt and to deployment for future projects.<\/p>\n\n\n\n

The mall has a rentable area of 36,225 sqm for its retail operations, while its office space totals 11,245 sqm. The weighted average rental per sqm stood at R155.20 per month. <\/p>\n\n\n\n

The valuation of the mall on 31 August 2025 was R407.6 million. The directors of Octodec are satisfied that the sale price of R397.5 million is of a fair market value. <\/p>\n\n\n\n

The net liabilities and profits of Killarney Mall were R38,581,619 and R16,614,735, respectively, according to Octodec’s financial results for the year ended 31 August 2025. <\/p>\n\n\n\n

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Images of Killarney Mall <\/h2>\n\n\n
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Source: City Property (Headline Image also from City Property)<\/figcaption><\/figure><\/div>\n\n
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Source: Rennie Knight Frank<\/figcaption><\/figure><\/div>\n\n
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Source: Rennie Knight Frank<\/figcaption><\/figure><\/div>\n\n
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Source: Rennie Knight Frank<\/figcaption><\/figure><\/div>\n\n
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Source: Rennie Knight Frank<\/figcaption><\/figure><\/div>\n\n
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Source: Rennie Knight Frank<\/figcaption><\/figure><\/div>\n\n
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Source: Facebook<\/figcaption><\/figure><\/div>\n\n\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"

Killarney Mall is being sold in a deal worth R397.5 million, with its owner Octodec looking for new growth projects. <\/p>\n","protected":false},"author":95,"featured_media":851957,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[24842,18065],"class_list":["post-851946","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-killarney-mall","tag-octodec"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/851946","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=851946"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/851946\/revisions"}],"predecessor-version":[{"id":852214,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/851946\/revisions\/852214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/851957"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=851946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=851946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=851946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}