{"id":861941,"date":"2026-05-29T16:00:00","date_gmt":"2026-05-29T14:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=861941"},"modified":"2026-05-29T17:27:09","modified_gmt":"2026-05-29T15:27:09","slug":"popular-shopping-mall-in-south-africas-capital-sold-for-r148-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/861941\/popular-shopping-mall-in-south-africas-capital-sold-for-r148-million\/","title":{"rendered":"Popular shopping mall in South Africa’s capital sold for R148 million"},"content":{"rendered":"\n

JSE-listed Putprop is selling its 50% share in Mamelodi Square in Tshwane to township retail experts and co-owner, Exemplar REITail, for R148 million. <\/p>\n\n\n\n

Putprop will sell its interest in the mall to Exemplar, and has also entered a land sale agreement for an industrial Dobsonville Property with the party for R20 million. <\/p>\n\n\n\n

Putprop said that the disposals align with its strategy to realise value from non-core assets and redeploy capital into income-generating properties.<\/p>\n\n\n\n

The proceeds will also be used to reduce debt and\/or to invest in income-producing properties.<\/p>\n\n\n\n

The Mamelodi Square Property has a total rentable area of 16,955 sqm, with a weighted average rental of R145.52 per sqm. The mall opened in October 2022. <\/p>\n\n\n\n

The Dobsonville Property has a total rentable area of 3,500 sqm. The weighted average rental is R84.80 sqm, with the property zoned for industrial use. <\/p>\n\n\n\n

As per the company’s financial statements for the year ended 30 June, Mamelodi Square and the Dobsonville Property were valued at R139 million and R18.5 million, respectively. <\/p>\n\n\n\n

The audited profit after tax attributable to the net assets of Mamelodi Square, for the year ended 30 June 2025, amounted to R19.4 million. <\/p>\n\n\n\n

For the period ended 31 December 2025, the profit after tax attributable to the mall’s net assets amounts to approximately R3 million. <\/p>\n\n\n\n

Given that the sale agreements are entered into with the same purchaser, the deals constitute a category 1 transaction and require shareholder approval.<\/p>\n\n\n\n

JSE-listed Exemplar acquired a 50% stake in Mamelodi Square in 2023 as part of a deal to move assets from McCormick Property Development.<\/p>\n\n\n\n

McCormick Property Development (MPD) is a major township and retail mall developer owned by the John McCormick Family Trust. Both Exemplar and MPD share a leader in Jason McCormick.<\/p>\n\n\n\n

Exemplar acquired its initial 50% share in the mall as part of its strategy to acquire high-quality assets from MPD. It acquired the initial stake for R116.5 million. <\/p>\n\n\n\n

With the latest deal with Putprop, Exemplar will increase its share in Mamelodi Square to take full ownership, expanding its fast-growing portfolio. <\/a><\/p>\n\n\n\n

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Images of Mamelodi Square<\/h2>\n\n\n\n
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A 50% stake in Mamelodi Square has been sold to JSE-listed Exemplar, bringing its stake in Tshwane mall to 100%. <\/p>\n","protected":false},"author":95,"featured_media":861952,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[12755,1],"tags":[22149,25514],"class_list":["post-861941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","category-trending","tag-examplar","tag-putprop"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/861941","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=861941"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/861941\/revisions"}],"predecessor-version":[{"id":861999,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/861941\/revisions\/861999"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/861952"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=861941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=861941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=861941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}