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Archives for July 2025

Spear REIT’s Acquisition of Maynard Mall

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Spear REIT Expands Western Cape Retail Footprint with Acquisition of Maynard Mall

Spear REIT Limited (JSE: SEA), South Africa’s only regionally focused REIT, has announced the acquisition of Maynard Mall, a 25,969m² convenience shopping centre located in Wynberg, Cape Town. The R455 million transaction further reinforces Spear’s hyper-local investment strategy, targeting high-growth nodes across the Western Cape.

The acquisition aligns with Spear’s objective to grow its portfolio of well-located, high-quality convenience retail assets within the Western Cape. Maynard Mall, centrally located in Wynberg, Cape Town, is a convenience-orientated community shopping centre anchored by Shoprite, with a strong tenant mix comprising 70% national retailers — including Ackermans, Absa Bank, Clicks, Capitec Bank, KFC, Hungry Lion, Nedbank, Pep, Sportscene, and Zone Fitness — as well as essential services such as the Department of Home Affairs and local traders. The centre caters to both daily and weekly shopping needs, drawing from a broad residential catchment area and the commuter market, with an annualised footfall of 6 million shoppers.

“This acquisition is a pivotal extension of our retail footprint in Cape Town’s established Wynberg node,” said Quintin Rossi, CEO of Spear REIT. “It deepens our exposure to resilient consumer retail trade and enhances our income stability profile, supported by a weighted average lease expiry of 57 months.”

The anticipated transfer date is 1 January 2026, with the acquisition being funded through a combination of cash from Spear’s recent R 749 million capital raise and secured debt facilities. The transaction is set to deliver an initial yield of 9.55%, with an additional R20 million earmarked for medium-term capital expenditure. Spear has identified asset enhancement capital expenditure measures of up to R 20 million to be carried out over a three to five-year period to enhance the value proposition of Maynard Mall. These items include the potential increase in the self-storage offering, future expansion of the PV solar installation, modernisation of selected lifts, escalators, HVAC equipment and mechanical installations. Assuming the full asset enhancement capital expenditure is accounted for on the transfer date, the post capex, stabilised yield would be 9.15% – 9.3%.

“Spear has actively pursued growth opportunities in Cape Town’s convenience retail sector — on terms that aligned with its strategic and financial criteria; requiring management to remain patient, selective, and firmly committed to its investment strategy,” Rossi continued. “Today’s announcement gives credence to our approach.”

The transaction is subject to the approval by the Competition Commission. Once implemented, Spear’s retail portfolio will increase to approximately R1.4 billion in value, comprising 81,205m² in gross lettable area.

In addition to Maynard Mall, Spear recently announced the acquisition of Consani Industrial Park for R437 million. Following the implementation of both transactions, Spear’s loan-to-value (LTV) ratio is projected to be 28%, well below the company’s target range of 38%–43%, providing sufficient capacity for future growth opportunities.

These recent transactions follow the successful integration of Spear’s R1.15 billion Western Cape portfolio acquisition in October 2024, which expanded the group’s asset base to R5.5 billion and delivered 97% occupancy at FY2025 year-end. Following the implementation of the Maynard Mall and Consani Industrial Park acquisitions, Spear’s total asset base is expected to increase to R6.6 billion. Notably, Maynard Mall also includes a 924 kWp solar plant, supporting Spear’s sustainability strategy by contributing to energy efficiency and reducing environmental impact.

“Building on our strong FY2025 performance and positive momentum into FY2026, we remain focused on executing our Western Cape strategy — targeting high quality assets in established nodes underpinned by robust leasing and real estate fundamentals,” concluded Rossi.

Spear will continue to focus on measured growth across the Western Cape, with a focus on retail, commercial, and industrial assets that align with its long-term investment strategy.

Young achievers shine at the top of the Growthpoint Gems class

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Life-changing internal education programme produces record number of graduates 

Growthpoint Properties recently celebrated the academic excellence of 21 students supported through its internal education programme, Gems, at two awards ceremonies held in Johannesburg and Cape Town. The events recognised the achievements of the programme’s “Class of 2024” – a group of bright young students from around the country who are realising their potential through access to quality education.

Launched in 2016, Gems provides educational support to the children of employees earning below a certain threshold, covering costs such as school fees, uniforms, stationery and other materials. The initiative also offers academic, psychosocial and personal and leadership growth development support. With students supported from Grade 4 through to tertiary level, the programme is unlocking opportunities and shaping future leaders from within Growthpoint’s own community.

Recognising excellence, rewarding potential

Previously, the awards recognised the five highest-performing students in each education phase – primary, secondary, and tertiary – based on academic averages of 70% and above. However, for the 2024 Top Achievers Awards, the number of young achievers recognised increased with higher levels of academic excellence.

Nine of this year’s awardees have consistently held top achiever status since joining the programme, demonstrating commitment to their studies. At the same time, several new achievers emerged, highlighting the transformative power of sustained academic, growth development support.

One student, a Grade 4 learner from Gauteng, earned the national top achiever title with an exceptional 90% average. This clearly demonstrates the value of a programme such as this for smart young learners at the foundational education level.

The achievers received shopping vouchers to be redeemed at various Growthpoint shopping centres and at Exclusive Books.

The awards also celebrated a significant milestone: Gems produced its highest-ever number of tertiary graduates this year, with 11 students completing qualifications in fields ranging from IT and law to hospitality and psychology.

Class of 2024 Gems tertiary graduates:

  • Thato Mmutle: Advanced Diploma in Transport Management
  • Lutho Kula: Bachelor of Arts Honours in Live Performance
  • Jordyn Lewis: Bachelor of Social Science in Psychology & Counselling
  • Lithemba Ngumbela: BBA in Logistics & Supply Chain Management
  • Lesego Maponyane: Bachelor of Laws (LLB)
  • Dilshaad October: National Diploma in Information Technology
  • Keabetswe Moshapo: National Diploma in IT Software Development
  • Rodale du Plessis: National Diploma in Hospitality Management
  • Sebenzile Sangweni: Higher Certificate in Construction & Engineering Drafting
  • Keenen Thwala: Higher Certificate in Information Technology
  • Kamogelo Mashigo: Higher Certificate in Information Technology & Support Services

Among the young achievers is Rodale du Plessis, a long-standing Gems participant grew up in the community of Mannenberg in the Cape Flats and is now employed internationally. After nearly a decade in the programme – which she credits for shaping her academic focus, mental resilience and long-term goals – Rodale recently completed her National Diploma in hospitality management and secured her first job abroad at Nobu by the Beach in Dubai.

“The Gems programme moulded my mind to prioritise my goals. Even when I didn’t meet them, I kept going,” she said. “The support I received, especially the tutoring through high school, helped me believe I could dream big. That’s exactly what I did – and here I am.”

A long-term investment in people and potential

Growthpoint’s leadership attended both award events to congratulate learners and reaffirm the business’s commitment to meaningful transformation.

“Education is one of the greatest gifts we can give. It changes lives and opens doors,” said Norbert Sasse, Growthpoint Group CEO. “Our goal with Gems is to support our employees by investing in their children’s futures. When families thrive, so do our communities and our country does too.”

Gems is one of Growthpoint’s flagship internal programmes and a key part of its broader social responsibility and transformation agenda. It is anchored on three pillars: academic support, psychosocial development, and personal and leadership growth. Growthpoint has invested around R9 million annually in the Gems programme over the past five years, demonstrating the business’s sustained commitment to meaningful impact.

Now nearing its 10-year anniversary, Gems continues to offer real and lasting impact that goes beyond through financial assistanceby helping learners build confidence, explore their aspirations and achieve success on their own terms.

“We’ve seen learners grow, find their voice and reshape their perspectives on life,” said Shawn Theunissen, Head of CSR and Transformation at Growthpoint. “With everything we do, we aim for intentional impact. That’s what makes Gems so powerful.”

Vukile’s Retail Academy expands into Daveyton Mall

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Vukile Property Fund (JSE: VKE), the specialist consumer-led retail real estate investment trust (REIT), has launched a new multi-tenant emporium at Daveyton Mall as part of the next phase of its game-changing Vukile Retail Academy. The project brings fresh, community-driven retail experiences to local shoppers while helping small businesses grow into sustainable enterprises.

Now in its third year, the Vukile Retail Academy continues to deliver on its founding aim: providing access to formal retail for promising entrepreneurs. Participants receive rent-free premises, fit-out support and hands-on mentorship. The initiative forms part of Vukile’s wider commitment to inclusive growth, tenant diversity and shared opportunity across the retail ecosystem.

Matching retail strategy with community needs is at the heart of Vukile’s singular business model. Its popular, high-performing shopping centres – all 33 of them in South Africa and the 20 retail assets abroad in Spain and Portugal – serve as platforms for local growth in each location. They do this by supporting entrepreneurs, integrating cultural identity, and fostering loyalty through authentic engagement. This customer-centric, community-first approach is changing retail landscape.

“We’re invested in more than shopping centres. We’re invested in the communities they serve. The success of our centres is grounded in understanding local needs, and meeting and exceeding them,” says Laurence Rapp, CEO of Vukile Property Fund. “With a customer-first approach, we co-create retail spaces and experiences that genuinely reflect and serve their unique communities while celebrating local talent, culture, community and innovation. The Vukile Retail Academy is a tangible expression of that philosophy.”

A programme of proven impact

 Launched in 2022, the Vukile Retail Academy has already made measurable impact. The first intake of eight entrepreneurs received 1,035 sqm of retail space to trade from across four shopping centres, along with tailored business and operational support. Mentorship focused on developing a resilient business mindset, enhancing store operations and building customer engagement strategies

The results speak volumes. From the 2023 Dobsonville cohort, Fakizinto Concepts and Zanwabo Cakes became full-time tenants. In 2024, four businesses from Randburg Square – Lonja Beauty Studio, Edenvinne, Vero’s Cake and Jeleni & Phindi Art Studio – have also joined the formal tenant mix, underlining the Vukile Retail Academy’s role in long-term tenant development.

“We’re seeing dreams become sustainable businesses,” says Itumeleng Mothibeli, MD SA at Vukile. “At the heart of the Vukile Retail Academy is a belief in people and potential. This programme is about removing barriers, nurturing talent and actioning our deep commitment to building the next generation of retailers, who will shape the future of South African retail.”

A new shared-format concept

 This year, the Vukile Retail Academy introduces an emporium-style space at Daveyton Mall, bringing five small businesses under one roof. The shared space allows entrepreneurs to share costs, test products and grow visibility in an animated, high-footfall retail setting.

The not-to-be-missed up-and-coming brands in the new emporium, are:

  • Seven Heartbeats: A cultural lifestyle brand blending contemporary fashion with traditional African design.
  • Cossen: African-inspired fashion and footwear with live shoemaking experiences.
  • Thesis Lifestyle: A Soweto-born streetwear brand celebrating township pride.
  • GameOn.Africa: A tech-driven edutainment hub promoting digital learning and innovation.
  • PeaPrido Elegance Events: A Daveyton-based events company delivering personalised, high-quality experiences.

Some of these businesses are expanding from existing markets or online platforms. Each comes with its own story, contributing fresh energy and relevance to the mall’s offering.

Daveyton Mall, first opened in 1993, is one of South Africa’s first township malls. It was recently upgraded and extended by Vukile and stands as a modern reflection of the colourful heritage of its community. The new design celebrates local culture through architectural features, murals and art installations. This culturally rich environment creates a powerful platform for a retail experience that truly belongs to its people.

Reflecting its role as a community anchor, the mall’s redevelopment included significant local participation, resulting in a retail centre that does more than serve the community; it reflects and empowers it. Its trailblazing new emporium of entrepreneurs extends this ethos.

Building a fresh retail ecosystem

 At Vukile, retail is about people before products. The Vukile Retail Academy reflects its longer-term ambition to help shape a retail sector that mirrors the depth and potential of South Africa’s entrepreneurial talent.

“This flagship initiative is rooted in our commitment to building a retail ecosystem where local talent thrives and communities feel seen, supported and proud. It’s about creating lasting partnerships for a better South Africa,” adds Rapp.

Spear Strengthens Industrial Portfolio with Key Acquisition

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Spear REIT Limited (JSE: SEA), South Africa’s only regionally focused Real Estate Investment Trust, has announced via SENS the acquisition of Consani Industrial Park, located in the established industrial hub of Elsie’s River Industria, Western Cape. The acquisition, valued at R437.3 million, marks another significant step in Spear’s ongoing expansion of its Western Cape industrial property portfolio.

Quintin Rossi, CEO of Spear, highlighted that the acquisition aligns with the company’s strategy to build a resilient and high-growth portfolio of industrial assets within the Western Cape, a region that continues to demonstrate strong economic fundamentals. “The Western Cape is the essence of our long-term growth strategy. We remain highly selective in our acquisitions, and Consani Industrial Park offers a prime location with a proven track record of stability and future growth potential. This asset adds meaningful scale, long-dated income profiles and quality to our portfolio and reaffirms our ongoing commitment to the industrial sector.”

Consani Industrial Park, situated on a 10.64-hectare erf, comprises a total gross lettable area (GLA) of 80,657 m² and is multi-let to a diverse range of industrial tenants, underpinned by long-term lease tenures. The property is strategically situated within a secure and established industrial precinct that continues to attract large-format occupiers, due to its proximity to key transport routes, reliable energy infrastructure, and organic growth potential.

The transaction supports Spear’s broader strategy of acquiring income-producing assets in proven nodes, offering both yield enhancement and long-term value creation. The acquisition was concluded at an initial yield of 9.71%, with additional value to be unlocked through a planned R34 million capital investment program over the next five years, focused on operational optimisation and strategic enhancements.

According to Rossi, Spear’s regional focus has been instrumental in identifying and executing this strategic acquisition. “We have a hands-on, laser-focused team dedicated to driving our growth strategy. Our approach is to be patient and selective when choosing assets that align with our investment objectives. We are committed to ensuring that each acquisition is the right fit, delivering long-term sustainable income and value for our shareholders.”

The acquisition will be funded through a combination of debt facilities and available cash reserves, following Spear’s successful private placement, which was concluded in June 2025.

The addition of Consani Industrial Park further reinforces Spear’s strategic footprint in the Western Cape, a region characterised by robust demand, positive economic drivers and resilient real estate fundamentals.

“Spear remains committed to building a defensive portfolio that delivers both stability and future growth. Through measured expansion and active asset management, with a focus on retail, commercial, and industrial assets that align with our long-term investment criteria, we aim to create sustainable value. With the forthcoming addition of Berg River Business Park in Paarl and Consani Industrial Park in Elsies River Industria, both subject to competition commission approvals, we are confident that Spear’s continued investments across the Western Cape will deliver strong returns for our shareholders,” concluded Rossi.

Meet Emira’s New CEO: James Day

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Following the announcement of his appointment in May, James Day has formally assumed the role of Chief Executive Officer at Emira Property Fund (JSE: EMI), one of South Africa’s most established diversified real estate investment trusts (REITs). Day has served as a non-executive director of Emira since October 2023 and now moves into executive leadership with first-hand knowledge of the business’s strengths, priorities and market position.

“Emira is a business with strong fundamentals, a clear strategy and a highly capable incumbent executive team. It is positioned for continued, sustainable value creation,” says Day.

Day joins Emira’s leadership team alongside long-serving executives Ulana van Biljon, Chief Operating Officer, and Greg Booyens, Chief Financial Officer.

A Chartered Accountant with a strong foundation in finance and real assets, Day brings extensive local and international experience to the role. As a CA(SA), his career began in audit and finance with BDO/Grant Thornton in South Africa and the United States, and went on to include roles at Brookfield Asset Management and Elanor Investors Group in Australia.

Cape Town-born and bred, he returned to South Africa to work in the property sector, including as CFO of Botswanan-listed RDC Properties, which secured the successful takeover of Tower Property Fund during his tenure. Most recently, he served as Financial Director at Castleview Property Fund.

Outside the boardroom, Day enjoys the outdoors, travelling and long-distance running.

With an agile mindset and a focus on outcomes, Day brings a practical, adaptable and long-term approach to his new role. A systems thinker, he values foresight and risk mitigation, and works to cut through complexity and unlock performance efficiently and enduringly.

“What excites me about Emira is the strength of the team, the quality of the platform and the opportunity to keep delivering value by doing the foundational things right and sharpening our strategic edge where it matters most,” says Day. “Emira’s strategy remains consistent: keeping our capital productive through diligent asset management, disciplined capital recycling and continued value-accretive investment with the goal of meaningful stakeholder value creation.”