Prominent shopping mall in South Africa’s richest city is getting a major makeover

Fortress Real Estate Investments has acquired a controlling stake in Balfour Mall and plans a major redevelopment and precinct regeneration project.

On 19 May 2026, Fortress Real Estate Investments (Fortress) announced that it had successfully completed the acquisition of a controlling share in Balfour Mall.

The transaction, which saw Fortress acquire a 51% stake in Tradecco Properties, the entity that owns the mall, has been approved by the Competition Commission of South Africa without conditions.

At 37,000 sqm, Balfour Mall is situated on the corner of Louis Botha Avenue and Northview Road in Highlands North, one of Johannesburg’s most densely populated northern suburbs.

The property was originally acquired by Tradecco from Burstone Group (Burstone), a JSE-listed REIT, in a transaction approved by the Competition Commission in December 2025.

The acquisition forms part of a broader vision for the node. Fortress is partnering with local shared value property developers, Consolidated Urban and Forever Young Capital.

These investment companies, founded by Jeremy and Paul Berman and Jonti Brozin, will look to drive the regeneration of the surrounding precinct.

Consolidated Urban and Forever Young Capital have a strong track record of restoring and rejuvenating historic Johannesburg neighbourhoods, having been instrumental in projects including Victoria Yards.

“Balfour Mall has long been a recognised landmark in Johannesburg’s northern suburbs, and we believe it has enormous untapped potential,” said Fortress Real Estate Investments CEO Steven Brown.

“This acquisition is consistent with our strategy of growing our retail portfolio in key urban nodes in Gauteng.”

He added that they are committed to repositioning Balfour Mall as a safe and welcoming community retail destination that delivers real value for its tenants, shoppers and the broader precinct.

“We have always believed that great cities and neighbourhoods are built from the inside out, starting with the people in the community,” said Forever Young Capital’s Jonti Brozin.

“We are excited to work with Fortress to write the next chapter: one that brings the soul and heritage back to the neighbourhood, creates opportunity for local people and businesses, and gives this precinct the energy and pride it deserves.”

A comprehensive redevelopment programme

Fortress and Forever Young Capital intend to undertake a comprehensive physical and operational transformation of the mall, with a targeted reopening in 2027.

The redevelopment will address the root causes of the mall’s decline and create a retail environment that is genuinely fit for the community it serves by addressing:

• Retail and Experience: A refreshed tenant mix anchored by two major grocery retailers, new destination tenants, family entertainment, restaurants and lifestyle offerings
• Access and Infrastructure: Improved access from Louis Botha Avenue and Northview
• Road, better parking, a formal taxi rank and a hawkers zone
• Sustainability and Upgrades: Solar, smart metering, water-saving systems and full electrical upgrades, built to Fortress specifications and designed to run efficiently for the long term.
• Community and Precinct Investment: The plan extends well beyond the mall itself.

Fortress and Forever Young Capital made it clear that they are investing in the surrounding Highlands North precinct.

They will be cleaning up roads and public spaces, upgrading school facilities, and regenerating the local sports club and soccer fields for the broader community, including Alexandra.

The group will also be bringing a visible security presence to the area through the Cap Community partnership.

The acquisition adds a high-profile Gauteng retail asset to the Fortress portfolio and reinforces the group’s conviction in well-located, community-serving retail properties.

The Competition Commission’s unconditional approval reflects confidence in the transaction’s benefit to competition and the broader market.

Fortress said it will continue to identify and execute on attractive investment opportunities within the South African property sector where active management can drive meaningful improvements in income, capital value, and community impact.