{"id":875645,"date":"2026-09-15T17:05:24","date_gmt":"2026-09-15T15:05:24","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=875645"},"modified":"2026-09-15T18:51:34","modified_gmt":"2026-09-15T16:51:34","slug":"owner-of-south-africas-largest-mall-sells-major-shopping-centre-for-r630-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/875645\/owner-of-south-africas-largest-mall-sells-major-shopping-centre-for-r630-million\/","title":{"rendered":"Owner of South Africa’s largest mall sells major shopping centre for R630 million"},"content":{"rendered":"\n

Accelerate Property Fund, owner of South Africa’s largest shopping mall, Fourways Mall, has announced the disposal of one of its biggest retail assets, Cedar Square.<\/p>\n\n\n\n

Cedar Square is a significant retail centre in Fourways, with approximately 44,249 square metres of gross lettable space.<\/p>\n\n\n\n

According to Accelerate, the mall is being sold to a private group called Aristonas, which has the Big Apple Trust as its ultimate beneficiary.<\/p>\n\n\n\n

The group is disposing of the mall as a going concern for an aggregate purchase consideration of R630 million.<\/p>\n\n\n\n

Aristonas will acquire Cedar Square Shopping Centre, its related income stream and available bulk, but will not acquire the right to develop the bulk. <\/p>\n\n\n\n

The right to develop the available bulk of 40,447 square metres will be retained by Accelerate by means of a Notarial Deed of Servitude registered in favour of the group, it said.<\/p>\n\n\n\n

Should Aristonas wish to develop the bulk, it will be entitled to purchase the Development Rights by giving written notice to Accelerate.<\/p>\n\n\n\n

The valuation of the bulk is R169 million, the group noted.<\/p>\n\n\n\n

The transaction remains subject to Accelerate Shareholder approval and unconditional Competition Authority approval.<\/p>\n\n\n\n

Accelerate said that the disposal forms part of its ongoing strategic repositioning and restructuring programme. <\/p>\n\n\n\n

The group intends to apply the proceeds of the disposal to reducing debt.<\/p>\n\n\n\n

During its 2025\/26 financial year, Accelarate reduced its gross debt by approximately R777.3 million to R3.0 billion.<\/p>\n\n\n\n

The improvement was mainly due to the fund\u2019s disposal programme, with Accelerate selling four properties and a vacant stand for R788.5 million during the year.<\/p>\n\n\n\n

A further five properties and stands were transferred after year-end, generating net proceeds of R278.2 million for debt reduction.<\/p>\n\n\n\n

The value of the property portfolio, including assets held for sale, dropped to R6.6 billion from R7.75 billion, but this was mainly due to the disposal programme and fair-value adjustments.<\/p>\n\n\n\n

Fourways Mall, valued at approximately R8 billion, accounts for the largest portion of the group’s portfolio, with an R4 billion shareholding, while Cedar Square is a distant second.<\/p>\n\n\n\n

Following the disposal, Fourways Mall will remain the last major retail centre in the portfolio.<\/p>\n\n\n\n

Images of Cedar Square<\/h2>\n\n\n\n
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Owners of Fourways Mall, Accelerate Property Fund, has announced the disposal of one of its last remaining retail assets, Cedar Square.<\/p>\n","protected":false},"author":10,"featured_media":875676,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"posted","_sma_x_autopost_error":"","_sma_x_post_id":"2099877412142014718","_sma_facebook_post_id":"191437357620492_2206360473517685","_sma_instagram_post_id":"18114546688802278","_sma_x_attempts":1,"footnotes":""},"categories":[9872],"tags":[19940,26529,19746],"class_list":["post-875645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-accelerate-property-fund","tag-cedar-square","tag-fourways-mall"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/875645","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=875645"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/875645\/revisions"}],"predecessor-version":[{"id":875687,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/875645\/revisions\/875687"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/875676"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=875645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=875645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=875645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}