{"id":882690,"date":"2026-11-05T09:43:31","date_gmt":"2026-11-05T07:43:31","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=882690"},"modified":"2026-11-05T09:43:34","modified_gmt":"2026-11-05T07:43:34","slug":"the-oldest-shopping-mall-in-south-africa-has-officially-sold-for-r400-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/882690\/the-oldest-shopping-mall-in-south-africa-has-officially-sold-for-r400-million\/","title":{"rendered":"The oldest shopping mall in South Africa has officially sold for R400 million"},"content":{"rendered":"\n

Octodec has officially sold all of its shares in Killarney Mall for roughly R397.5 million, following the necessary regulatory approvals.<\/p>\n\n\n\n

In an announcement published on the Stock Exchange News Service (SENS), the investment group said it had completed the transaction.<\/p>\n\n\n\n

It confirmed that all regulatory requirements had been fulfilled and that ownership of the property had been transferred.<\/p>\n\n\n\n

“All the conditions precedent for the implementation of the Transaction, including the receipt of the Competition Commission\u2019s approval, have been timeously fulfilled,” Octodec said.<\/p>\n\n\n\n

“Ownership of Killarney Mall was transferred to the Purchaser on 2 November 2026.”<\/p>\n\n\n\n

The iconic mall’s buyer was previously identified<\/a> as the AJP Group, which already has an extensive retail property portfolio, with a particular focus on Gauteng.<\/p>\n\n\n\n

These include shopping centres such as Steeldale Mall, Glen Balad Mall, Elgin Mall, and Kempton Gate Mall.<\/p>\n\n\n\n

The acquisition will include more than just retail space for AJP, with office space and a service station also included in the transaction.<\/p>\n\n\n\n

Octodec said the disposal of the Killarney Mall would be used to service debts and for “strategic priorities.”<\/p>\n\n\n\n

“The proceeds will be used, inter alia, to pay down borrowings and execute on strategic priorities,” the group said.<\/p>\n\n\n\n

When approving the transaction, the Competition Commission said certain conditions would need to be met by the acquiring group.<\/p>\n\n\n\n

These include establishing a dedicated empowerment fund to address public-interest concerns arising from the large merger.<\/p>\n\n\n\n

The AJP Group will also have to support businesses owned by previously disadvantaged individuals, enabling them to operate in the Killarney Mall.<\/p>\n\n\n\n

The Killarney Mall was the first mall-type shopping centre built in South Africa, and was constructed in 1961, 65 years ago.<\/p>\n\n\n\n

Before it was a shopping centre, the property was used as the Killarney Film Studios, which was founded in 1916.<\/p>\n\n\n\n

In the 1960s, a portion of the studio was converted into retail space, becoming South Africa’s first shopping mall.<\/p>\n\n\n\n

Originally, the mall had three levels, with a mix of retail areas and office spaces, before undergoing several expansions and renovations over the years.<\/p>\n\n\n\n

The centre underwent a R12 million renovation, which was completed in 1972, giving the mall roughly 150,700 square feet of leasable area.<\/p>\n\n\n\n

Today, the Killarney Mall features several popular retailers such as Pick n Pay, Dis-Chem, Woolworths, and Clicks.<\/p>\n\n\n\n

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Photos of Killarney Mall<\/h2>\n\n\n\n
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Killarney Mall has officially been sold to the AJP Group for approximately R397 million.<\/p>\n","protected":false},"author":131,"featured_media":851957,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"posted","_sma_x_autopost_error":"","_sma_x_post_id":"2118249214681440738","_sma_facebook_post_id":"191437357620492_2261559107997821","_sma_instagram_post_id":"18119224187044601","_sma_x_attempts":1,"footnotes":""},"categories":[9872],"tags":[27042,1516,24842,18065],"class_list":["post-882690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-ajp-group","tag-competition-commission","tag-killarney-mall","tag-octodec"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/882690","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\/131"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=882690"}],"version-history":[{"count":21,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/882690\/revisions"}],"predecessor-version":[{"id":882729,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/882690\/revisions\/882729"}],"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=882690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=882690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=882690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}