Property

Shopping mall in South Africa’s richest area sold for R630 million

Bianke Neethling • 15 September 2026

Accelerate Property Fund has sold Cedar Square shopping centre in Fourways, Sandton, for R630 million.

The property fund, whose crown jewel asset is the nearby Fourways Mall, announced on Tuesday, 15 September, that it entered into a sale of letting enterprise agreement for Cedar Square.

The buyer is Aristonas, which is owned by Big Apple Trust, a private trust based in South Africa.

Cedar Square is a shopping centre located in Johannesburg that spans 44,249 m² in gross lettable area (GLA).

The centre has a weighted-average gross rental of R153.08 per square meter, with a net operating income of R55.1 million per year.

It is a lifestyle and family centre that offers a convenience-led tenant mix and serves as a day-and-night entertainment destination for couples and families.

It is located opposite Fourways Mall, South Africa’s largest shopping centre, which boasts a GLA of 171,586 m².

Notably, Aristonas will acquire Cedar Square, its related income stream, and available bulk. However, it will not acquire the right to develop the bulk.

This right to develop Cedar Square’s available bulk of 40,447 m², valued at R168.78 million, will be retained by Accelerate.

“Should the purchaser wish to develop the bulk, it will be entitled to purchase the Development

Rights by giving written notice to Accelerate,” the REIT said.

Accelerate explained that the disposal of Cedar Square forms part of its ongoing strategic repositioning and restructuring programme.

“Accelerate intends to apply the proceeds of the disposal to the reduction of debt,” the real estate investment trust (REIT) said.

The REIT has been focusing on its crown jewel asset, Fourways Mall, as it implements a turnaround strategy to reduce vacancies and attract more foot traffic.

To free up capital for Fourways Mall and address some liquidity and debt concerns, Accelerate’s portfolio optimisation approach focuses on unlocking value through asset disposals.

In its 2026 financial year, Accelerate disposed of Erf 7 Roggebaai, 1 Charles Crescent, Pri-movie Park, 73 Hertzog Boulevard, and Portside for aggregate proceeds of R788.5 million.

These proceeds were mostly applied to reduce the REIT’s interest-bearing borrowings.

At the end of its 2026 financial year, Accelerate’s portfolio comprised 15 properties valued at R6.6 billion.

Since then, Accelerate has also transferred The Buzz Shopping Centre, Waterford, The Buzz vacant land, Valleyview, and Edgars Polokwane for R278.2 million.

It has also entered into an agreement to dispose of BMW Fourways for R174 million.

“The board is clear on the trade-off. Disposals reduce debt and improve financial flexibility, while also reducing the scale and diversity of the portfolio,” Accelerate said in its 2026 Annual Report.

“Each disposal is therefore assessed against debt reduction, liquidity, covenant headroom, value preservation, and the quality of the retained portfolio.”

“The portfolio is now smaller, more focused and more dependent on a limited number of core assets. That concentration requires disciplined asset management and clear accountability.”