A high-end beachfront villa in Plettenberg Bay is up for sale, commanding the attention of ultra-wealthy buyers with a price tag of R52 million – a monthly bond of more than half a million rand (R528K).
The property, positioned on a 1,000-square-metre plot – 800 square metres under roof, sits directly on a secluded stretch of coastline, offering uninterrupted ocean views and direct beach access.
The residence includes five bedrooms—four of which are en-suite on the lower level – and 5.5 bathrooms. The entire upper level is reserved for a master suite featuring a private lounge, steam room, and rooftop terrace.
The home also includes an indoor glass-enclosed pool, a second outdoor pool, and a three-car garage.
Designed with influences from Balinese and Japanese architecture, the house features curved slate roofs, timber accents, and extensive use of imported marble and underfloor heating.
Pocket doors throughout provide fluid transitions between indoor and outdoor spaces.
Additional features include:
-Walk-in cold store and scullery -Off-grid energy system powered by three Tesla Powerwall 2 batteries -24/7 security, CCTV, and electric perimeter fencing
The villa is located less than 10 minutes from both Plettenberg Bay Central and the local airport. Viewings are available by appointment only.
This listing adds to a growing number of ultra-luxury homes for sale along the Western Cape’s coastline, a region that continues to attract foreign investors, executives, and high-net-worth South Africans seeking security and coastal seclusion.
Ballito Junction Regional Mall, located on KwaZulu-Natal’s affluent Dolphin Coast, has posted a 14% increase in consolidated turnover for March and April 2025 compared to the same period last year, capitalising on a growing local economy and sustained influx of wealth into the region.
Foot traffic over the two-month period also rose by 4.85%, according to centre management, with significant contributions from both local shoppers and visiting holidaymakers.
April emerged as a particularly strong month, with year-on-year turnover climbing by 21%, driven in part by favourable school holiday timing and a cluster of long weekends that extended leisure shopping opportunities. Footfall in April was up 12%.
These results, which outpaced both inflation and visitor growth, reflect real trading gains and a marked increase in shopper spend per visit.
Ballito Junction’s performance is closely tied to the rapid wealth growth seen along the Durban–Umhlanga–Ballito corridor. Two areas specifically – Salt Rock and Ballito – have seen dramatic increases in average monthly household income, rising from around R12,500 a decade ago to over R145,000 in 2025.
According to Rainmaker Marketing’s 2025 Property Market Report, Salt Rock led regional growth with a 645% increase in income, while Ballito followed with a 504% rise. Salt Rock households now earn between R115,000 and R145,000 per month on average, while Ballito sits at R91,500 to R124,000.
These increases point to a growing concentration of wealth on KZN’s North Coast, with Salt Rock now home to 70% wealthy or super-wealthy households. Ballito shows more income diversity, but half of its residents fall into high-income brackets.
Salt Rock has become a key player in the regional property market, accounting for 47% of all sales in the greater KwaDukuza NU region between March 2024 and February 2025. It also outpaced Ballito in recent average sale prices—R4.06 million vs. R3.14 million, a 30% premium.
Between 2008 and 2018, the region recorded a 25% increase in total wealth, according to AfrAsia Bank’s South Africa Wealth Report. The area is now home to a significant population of high-net-worth individuals and is considered a key node for luxury living and premium consumer demand.
The growth of Ballito as both a residential and leisure destination has created a strong foundation for retail success, said Geraldine Jorgensen, CEO of Ballito Junction.
The mall’s recent performance highlights a notable consumer shift toward experience and lifestyle-driven retail. Year-on-year category growth for the season included:
-Outdoor goods and wear: +224% -Jewellery, watches, and accessories: +172% -Travel and luggage stores: +144% -Fast food and casual dining: +78% -Entertainment outlets: +66%
The mall’s recent results are also attributed to an aggressive leasing strategy that has introduced high-impact tenants designed to appeal to a diverse, affluent customer base.
New openings include:
-Workshop17: A 2,560m² flexible office space catering to remote professionals -The Pro Shop and Cycle Lab: An 850m² outlet serving Ballito’s active, health-conscious demographic -Bluff Meat Supply: A 647m² store aimed at family shoppers
Additional new tenants-such as Marcels Frozen Yoghurt, Neovision, Salomon, Nomination, Velo, and The Skatepark—have helped activate the mall’s recently revamped Piazza area, now a vibrant family-friendly zone anchored by Starbucks and Krispy Kreme.
Ballito Junction is owned by a joint investment consortium comprising Menlyn Maine Investment Holdings and Flanagan & Gerard Property Group, with hands-on management credited for its operational responsiveness and tenant alignment.
The mall now boasts a 99.7% occupancy rate and continues to attract national and international brands.
Retailer Pick n Pay says its turnaround is taking shape after solving its debt challenges and driving a like for like sales recovery in its core supermarkets. The retailer reported on Monday, that it reduced its trading loss by R1 billion, ‘well ahead of forecast’.
However, CEO Sean Summers, speaking about the group’s results for the 53 weeks to 2 March 2025, said the path back to break-even, profitability and ultimately long-term sustainable success will take longer than initially envisaged, “as the chosen strategy is to build retail muscle memory for long-term success”.
As a consequence, where the Group previously guided that it anticipated the Pick n Pay segment to break-even on a trading profit-after-lease-interest basis in FY27, the group now expects an FY28 break-even.
In order to ensure stability of management and singularity of purpose at this critical time in the turnaround, Summers has agreed to extend his tenure to May 2028. “The ultimate success of my tenure will be judged in 5- and 10-years’ time, as today’s efforts to rebuild retail capacity and excellence bear fruit,” he said.
Group turnover increased 5.6%, with 13.2% growth from Boxer and 1.9% growth from the Pick n Pay segment. Group trading profit of R1.8 billion reflected a R2.3 billion Boxer trading profit and a R549 million Pick n Pay trading loss.
On a pro-forma 52/52-week basis, Group FY25 turnover grew 3.2%, driven by a 0.3% Pick n Pay decline and 10.4% Boxer growth. On this basis, Pick n Pay’s South Africa sales were flat (-0.1% year on year), while Pick n Pay’s Rest of Africa sales declined 5.7%.
“There are no surprises in this result, we are meeting the guidance that we have given every 6 months, making calm and steady progress. You cannot rely on quick wins in our situation, and it will continue to be a journey as we rebuild our Institutional Memory.” said Summers.
“This was an important year for Pick n Pay as we executed the first leg of our operational and financial recovery. We are exactly where we said we would be when presenting the strategy last May and in some aspects, we are tracking slightly ahead. Particularly pleasing is the reduction in our Pick n Pay trading loss by 64% after predicting a 50% reduction.”
The first of its six strategic priorities announced in May last year was to recapitalise the group. In this financial year, the group completed its two-step Recapitalisation Plan – raising R12.5 billion through the Pick n Pay Rights Offer (R4.0 billion) and the Boxer JSE listing (R8.5 billion) – and restoring the group to a net cash position of R4.2 billion.
“We have started to give much-needed attention to our core Pick n Pay supermarkets and we are pleased to see the early results in reporting positive like-for-like sales growth, notwithstanding the sustained pace of new store openings by our competitors in a restrained and competitive market.” said Summers.
The group maintained its focus on keeping selling prices down, the chief executive said, recording inflation in Pick n Pay of just 2.1% for FY25, sharply down on FY24’s 8.2%, and well below Statistics SA Food CPI of 3.9%.
The third priority, he said, was to reset its store estate – including closing or converting 40 loss-making SA supermarkets. “The group has made considerable progress either converting to Boxer, Franchising or closing those stores where there was no prospect of their returning to profitability”.
Summers said that a great deal of focus was put into certain of the loss-making stores, with some now returning to profitability. The retailer has also started opening and committing to new stores and will increasingly refurbish its supermarkets to meet and exceed customer expectations.
The fourth pillar of the strategy was leadership and people – with key steps already taken, including staff training to improve the customer experience, reinstating regional leadership structures.
The fifth pillar, strengthening partnerships, was clearly demonstrated in the tie-up with FNB e-Bucks, which has already helped attract customers across all segments.
The retailer reported a 48.7% growth in online sales for the 53 weeks, led by asap! and PnP groceries on Mr D. Pick n Pay asap! has grown to 600 locations and franchisee adoption of asap! has doubled in two years, with new growth potential unlocked with the launch of the new asap! App.
The growth in scale has now resulted in achieving profitability on a fully costed basis, the group said. “We are very happy with our balance between clicks and bricks,” said Summers.
Pick n Pay Clothing delivered 11.6% growth from standalone stores in FY25 and reported market share gains. It opened net 30 company-owned stores during FY25, to bring the total estate to 415 stores.
In the 8 weeks post period-end, the Pick n Pay segment’s South African turnover grew 0.8%, with like for-like sales +3.8%. Company owned supermarket like-for-like sales growth strengthened further to +4.0%, while franchise continued its like-for-like sales recovery to +2.1%.
Investors have been cheered by signs of recovery from the retailer, with its share price up some 32% over the past year, but off a low base.
South Africa’s headline consumer inflation ticked slightly higher in April, rising to 2.8% year-on-year, up from 2.7% in March, according to the latest Consumer Price Index (CPI) data released by Statistics South Africa.
On a monthly basis, inflation grew by 0.3%, reflecting upward pressure from food and beverage prices.
Inflation for food and non-alcoholic beverages (NAB) climbed to 4.0% year-on-year, marking the highest annual rate since September 2024 (4.6%). The category recorded a monthly increase of 1.3%, the steepest rise since October 2023.
The key driver behind this increase was meat, particularly beef products such as stewing beef, mince, and steak. Meat prices surged by 2.3% between March and April, the highest monthly increase since January 2023 (2.5%).
Meat is not only the largest component of the food basket, but also accounts for 5.1% of overall household spending, making it a critical inflationary pressure point for consumers.
The oils and fats category also saw upward movement, rising by 1.4% month-on-month, pushing the annual rate to 4.8%. Year-on-year, cooking oil prices are up 6.1%, while brick margarine is 5.5% more expensive than a year ago.
For coffee lovers, there’s no relief in sight. Annual inflation for hot beverages jumped to 15.2%, close to the high of 15.8% recorded in September 2024. Instant coffee leads this category with a 20.2% year-on-year increase.
Globally, coffee prices have surged, with the World Bank’s index for robusta beans rising by 28.1%, feeding into domestic price pressures.
Alcoholic beverages and tobacco rose by 4.7% annually, up from 4.1% in March. Monthly inflation in this category eased slightly, from 1.6% to 1.3%, likely reflecting the residual effects of excise tax hikes announced earlier in the year.
On a more positive note for consumers, fuel prices continued to decline in April. Prices fell by 3.2% month-on-month, contributing to a 13.4% year-on-year drop.
The inland price for 95-octane petrol dropped to R21.62 per litre, down from R22.34 in March, while diesel prices declined to R21.94, compared to R22.80 in the previous month.
Subdued inflation, still below the SARB’s 3%-6% target band, could strengthen the case for monetary easing in the coming months.
However, rising food and beverage costs, especially for essentials like meat and coffee, are a growing concern for consumers.
This comes amid a backdrop of modest economic recovery, persistent unemployment, and elevated living costs, keeping pressure on household budgets.
Minister of finance, Enoch Godongwana, will on Wednesday, return to Parliament to re-table the 2025 Budget Review.
This decision follows the minister’s recent announcement and subsequent request to the Speaker of the National Assembly to maintain the Value-Added Tax rate at its current level of 15%, reversing the previously proposed 0.5 percentage point increase presented in the 12 March budget.
“The revised budget will adhere to all established technical processes and consultations as set out in the Money Bills and Related Matters Act.
“This includes formal consultations with the Financial and Fiscal Commission, thorough consultations with all political parties within the Government of National Unity as well as Cabinet approval before presentation to Parliament,” National Treasury said.
WeBuyCars Holdings on Monday reported strong interim results for the six months ended March 2025, underpinned by aggressive expansion, record-breaking sales, and a continued push to solidify its position as South Africa’s leading second-hand vehicle retailer.
At the heart of the group’s strategy is its ambitious national expansion. In the reporting period, WeBuyCars added 10 new vehicle buying pods, bringing its national footprint to 93, and successfully launched or expanded several major retail “supermarket” sites.
These include the relocation of the Pietermaritzburg branch to a larger site and the opening of a new supermarket in Rustenburg — extending the group’s reach to the North West province.
Further major developments are in the pipeline. A flagship 30,400 sqm supermarket in Lansdowne, Cape Town, and a 17,450 sqm facility in Montana, Pretoria North – each with the capacity to house 1,300 vehicles – are both on track to open in December 2025.
Meanwhile, a Vereeniging supermarket, set to open in August 2025, will accommodate 550 vehicles, further expanding WeBuyCars’ high-volume, high-convenience model.
WeBuyCars noted that it now sells over 15,000 cars each month from its 17 supermarkets and 93 buying pods – peaking at an all-time monthly high of 16,294 units in November 2024.
The company’s expansion strategy is translating directly into financial success. Group revenue rose by 15.2% year-on-year to R13.13 billion. Vehicles bought and sold increased by 12.9% and 13.5% respectively, with over 91,000 units sold — a company record.
Core headline earnings grew by 26.4% to R508.2 million, driven by higher unit volumes, improved margins, and greater operational efficiencies.
Basic and headline earnings per share came in at 121.5 and 121.8 cents, respectively — both reflecting a significant turnaround from losses reported in the prior period.
The group’s cash generation remains strong, with R284.1 million in net operating cash flow for the six months, up 6.4%. Net interest-bearing liabilities (excluding IFRS 16) stood at R1.33 billion, mostly tied to property mortgages and inventory financing — a reflection of the Group’s asset-backed growth strategy.
The Board declared a gross interim cash dividend of 30 cents per share – equal to 25% of headline earnings — in line with the company’s policy.
This represents the first interim dividend following WeBuyCars’ listing on the Johannesburg Stock Exchange in April 2024, following its unbundling from Transaction Capital.
Key Financial Highlights – Six Months to 31 March 2025
Revenue: R13.13 billion (↑15.2%)
Units Bought: 92,339 (↑12.9%)
Units Sold: 91,392 (↑13.5%)
Core Headline Earnings: R508.2 million (↑26.4%)
Basic Earnings Per Share: 121.5 cents (vs. loss of 20.7 cents in 2024)
Dividend Declared: 30 cents per share
Looking ahead, WeBuyCars said aims to scale operations further, with a medium-term target of buying and selling 23,000 vehicles per month by FY2028. Continued investments in infrastructure and digital capability — including its internal finance application system and advanced lead qualification tools — are expected to drive margin improvements and sales growth.
National Treasury’s proposed 0.5% Value-Added Tax (VAT) increase is expected to be withdrawn when finance minister Enoch Godongwana introduces the Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates Bill) to Parliament.
The VAT increase was to be implemented from 1 May 2025 as announced in the Budget speech in March.
According to Treasury, the decision to withdraw the increase follows “extensive consultations with political parties and careful consideration of the recommendations of the parliamentary committees”.
Treasury noted that the withdrawal is expected to create an estimated revenue shortfall of some R75 billion over the medium term.
“As a result, the minister of finance has written to the Speaker of the National Assembly to indicate that he is withdrawing the Appropriation Bill and the Division of Revenue Bill, in order to propose expenditure adjustments to cover this shortfall in revenue.
“Parliament will be requested to adjust expenditure in a manner that ensures that the loss of revenue does not harm South Africa’s fiscal sustainability.”
“The decision not to increase VAT means that the measures to cushion lower income households against the potential negative impact of the rate increase now need to be withdrawn and other expenditure decisions revisited.
“To offset the unavoidable expenditure adjustments, any additional revenue collected by SARS [South African Revenue Service] may be considered for this purpose going forward,” the Ministry of Finance said on Thursday.
Godongwana is expected to introduce a revised Appropriation Bill and Division of Revenue Bill in the coming weeks.
“The initial proposal for an increase to the VAT rate was motivated by the urgent need to restore and replenish the funding of critical frontline services that had suffered reductions necessitated by the country’s constrained fiscal position.
“There are many suggestions, however some of them would create greater negative consequences for growth and employment and some of them, while worthwhile, would not provide an immediate avenue for further revenue in the short term to replace a VAT increase.
“The National Treasury will, however, consider these and other proposals as potential amendments in upcoming budgets as mechanisms to increase the resources available,” said the ministry.
Treasury made the following statement shortly after midnight on Thursday:
“The minister of finance will shortly introduce the Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates Bill), which proposes to maintain the Value-Added Tax (VAT) rate at 15% from 1 May 2025, instead of the proposed increase to VAT announced in the Budget in March.
“The decision to forgo the increase follows extensive consultations with political parties, and careful consideration of the recommendations of the parliamentary committees. By not increasing VAT, estimated revenue will fall short by around R75 billion over the medium term.
“As a result, the minister of finance has written to the Speaker of the National Assembly to indicate that he is withdrawing the Appropriation Bill and the Division of Revenue Bill, in order to propose expenditure adjustments to cover this shortfall in revenue. Parliament will be requested to adjust expenditure in a manner that ensures that the loss of revenue does not harm South Africa’s fiscal sustainability.
“The decision not to increase VAT means that the measures to cushion lower income households against the potential negative impact of the rate increase now need to be withdrawn and other expenditure decisions revisited.
“To offset the unavoidable expenditure adjustments, any additional revenue collected by SARS may be considered for this purpose going forward.
“The minister of finance expects to introduce a revised version of the Appropriation Bill and Division of Revenue Bill within the next few weeks.”
JSE-listed Capitec Bank, South Africa’s largest retail and digital bank by number of clients, has announced plans to launch its first fully funded, secured home loan product in mid-2025.
This strategic move comes as the bank reported robust financial results for the year ended February 2025, with a 30% jump in headline earnings and a 32% increase in operating profit before tax.
“Based on our insights we will be launching a number of new credit products in the coming year. In mid-2025, we will launch a secured home loan product through an SPV with SA Home Loans, funded with R5 billion,” the bank said.
In 2020, Capitec announced its official entry into the secured home financing market, featuring a simplified, fast-tracked application process and competitive linked interest rates starting at 6%, with loans of up to R5 million offered over terms of up to 30 years. The Stellenbosch-based group stated the offering was aimed at making home ownership more accessible.
Capitec also revealed additional credit products set to launch in the coming year. These include a new “repay-as-you-earn” loan tailored for multiple-income earners and small to medium-sized enterprises (SMEs), and a short-term, low-limit credit card designed to help clients build credit scores responsibly.
The bank continues to show strong growth momentum. For the financial year ended February 2025, it added nearly 2 million new clients, bringing its active customer base to 24.1 million.
The board also declared a final gross dividend of 4,425 cents per ordinary share, bringing the total dividend to 6,510 cents.
Key financial highlights include:
Headline earnings up 30% to R13.7 billion, or 11,911 cents per share
Operating profit before tax up 32% to R17.74 billion
Total dividend per share up 34% to 6,510 cents
Net asset value up 17% to R50.9 billion
Return on equity rose to 29%, from 26% in the prior year
Net interest income after credit impairments surged by 54% to R11.9 billion, driven by improved lending conditions and a 28% rise in loan disbursements.
Business banking loan disbursements grew by 29%, and credit impairments fell by 6%, reflecting more effective risk management.
Despite a 12% rise in gross loans and advances, the group’s credit loss ratio (CLR) declined from 8.7% to 6.9% (excluding international fintech AvaFin), contributing nearly R1 billion to headline earnings growth. Including AvaFin, the CLR was 7.5%.
Capitec’s non-interest income also performed strongly, growing 22% and contributing R3.1 billion to headline earnings.
The financial services company said it is also expanding its international footprint through AvaFin, a fintech company acquired in 2025. AvaFin operates in Poland, Latvia, Czechia, Spain, and Mexico, providing digital loans to underbanked consumers.
Capitec said it received regulatory approval to start funding AvaFin, which will help the company transition from high-risk, short-term credit products to longer-term, lower-risk offerings such as installment loans and revolving credit. The bank expects this shift to reduce AvaFin’s funding costs and improve overall credit quality.
JSE-listed Vukile Property Fund is expanding its European presence with the purchase of Forum Madeira Shopping Centre in Funchal, Portugal.
The purchase price of the property is EUR 63.3 million, to be paid in cash. The transaction reflects an initial net operating income yield of approximately 9.5%, with an expected cash-on-cash yield of 11.8% before tax and transaction costs.
The deal is being carried out through Vukile’s Spanish subsidiary, Castellana Properties, which owns 99.5% of the acquiring company.
The purchase will be made by Caminho Propício, a company that Castellana owns 70% of, through an agreement with the current owner, German investment manager DWS Grundbesitz GmbH.
The REIT marked its entry into the Portuguese market in 2024 with the acquisition of four high-quality retail centres.
Vukile said it delivered a strong pre-close trading update for its financial year ended 31 March 2025, noting that it is on track to meet its full-year guidance of 2% to 4% growth in funds from operations (FFO) per share and 6% growth in dividends per share (DPS).
The Iberian portfolio grew around 60% over the 12 months, cementing Vukile’s increasing position across Spain and Portugal. Approximately two-thirds of Vukile’s assets and 60% of earnings are now offshore.
Forum Madeira is a prime open-air shopping destination in Western Funchal, the capital of Madeira Island. The centre comprises 21,472m² of gross lettable area across three floors, anchored by leading international and local brands including the Inditex Group, Pingo Doce, and Cinema NOS – the most frequented cinema on the island.
The Centre boasts impressive metrics, including: 5.4 million annual visitors; sales of EUR 4,694 per m² and 100% occupancy rate.
It also boasts a strong catchment base of approximately 250,000 residents and 2.3 million tourists annually
Vukile sees Forum Madeira as a high-performing, low-risk retail asset with strong fundamentals and growth potential. The centre is uniquely positioned as the only mall in Madeira offering the full range of Inditex brands. Its location in a growing tourism and luxury residential hub adds further appeal.
Madeira’s strong economic indicators bolster the investment rationale: 23.4% GDP growth since 2019; unemployment decline from 11.1% (2017) to 5.9% (2023) and over 10.9 million overnight stays in 2023, making Madeira Portugal’s third most visited destination after Lisbon and Porto.
The acquisition will be financed through a blend of existing cash reserves and local debt financing of EUR 28 million, representing a loan-to-value ratio of 38.5%. Caminho, the acquiring entity, is 70% owned by Castellana and 30% by Rand Merchant Bank (RMB).
Johannesburg aims to boost investment by revitalising its inner city. At a meeting with the Johannesburg Property Owners and Managers Association, MMC for Economic Development Cllr Nomoya Mnisi stressed the area’s untapped potential, despite years of neglect.
“Property owners are vital partners in transforming the inner city into a thriving, safe, and economically vibrant space,” said Mnisi.
“Through Joburg Property Company, we are committed to collaborating with investors to unlock property value and drive growth.”
She highlighted the city’s efforts to reclaim hijacked buildings but noted private owners must also play a role. Nompumelelo Thwala, deputy director for Integrated Regional Economic Development, outlined the Inner-City Economic Development and Investment Roadmap, launched in 2019.
This strategy guides urban renewal, focusing on investment, service delivery, and inclusive growth.
Musah Makhunga, Acting CEO of Joburg Property Company, cited urgent challenges: derelict buildings, housing shortages, unemployment, and infrastructure delays. The city is shifting to a proactive approach, with approved pilot projects and streamlined compliance processes.
Heritage approvals take four months, while rezoning requires 8–12 months. Makhunga acknowledged hurdles like community resistance and high demolition costs but noted progress, including evacuations and ongoing relocations from other problematic properties.
Mathopane Masha, Executive Director of Economic Development, highlighted debt recovery efforts, with R3.038 billion identified as collectable. The City is also improving infrastructure, repairing potholes, and restoring traffic lights.
“Collaboration with investors is key to reclaiming the inner city’s potential,” Masha concluded.
Accelerate Property Fund said in a pre-close operational update that it is in the middle of a restructuring plan to realign the fund for future growth.
As part of these efforts since August 2024, the fund has implemented a R300 million rights offer. This comprises a completed R200 million offer and a further R100 million rights offer currently under consideration.
Additionally, Accelerate said it has divested approximately R1.9 billion worth of non-strategic assets to reduce its debt burden. The funds will be used to finance additional capital expenditure at Fourways Mall and cover working capital needs.
The restructuring, expected to be completed by 31 March 2026, will leave Accelerate with a smaller, premium retail-oriented portfolio, it said. The focus will then shift towards optimising the value of key assets.
Accelerate’s immediate focus is the conclusion of a R100 million fully underwritten rights offer by 30 June 2025. This will supplement the previous R200 million rights offer concluded in June 2024.
The Fund has also made significant progress in its property disposal strategy. During the year under review, six assets were sold for a total of R704 million.
In addition, R1.2 billion worth of ongoing asset sales remains in progress, with R148.2 million of these sales expected to transfer shortly after 31 March 2025.
The proceeds from these disposals are being used to reduce debt, which is expected to positively impact the Fund’s loan-to-value (LTV) and interest cover ratios.
Fourways Mall, a major asset co-owned by Accelerate, has shown a strong recovery in trading, it said. The mall experienced significant gains in leasing, foot traffic, and overall retail performance, closing the 2024 calendar year with a 9.5% increase in total spend compared to the previous year.
The festive season trade highlighted renewed consumer confidence and retailer success.
Flanagan & Gerard, along with Moolman Group, played a key role in lease renewals, attracting new tenants and shoppers.
A total of 121 leases were renewed, covering 46,972 square meters of gross lettable area (GLA), with an average lease term of 4.2 years. As a result, vacancies at the mall have reduced from 19% in the prior year to 13.4%.
Approximately R144 million has been invested in capital expenditure at Fourways Mall, focusing on enhancing the overall shopping experience, including upgrades to lighting, signage, security, and wayfinding.
The mall’s planned future developments include a 50,000 square metre roof structure on the upper-level parking deck and the installation of a 6MW solar plant, valued at R222.4 million.
Accelerate has made notable strides in debt reduction, with interest-bearing borrowings decreasing by R700 million, from R4.4 billion as of 31 March 2024 to R3.7 billion currently.
This reduction has been achieved through asset disposals and proceeds from the R200 million rights offer.
Furthermore, the fund’s entire debt book will be renewed for two years, extending to 31 March 2027, reflecting strong support from its financial backers.
Looking ahead, Accelerate is focused on completing its restructuring efforts, with the goal of maintaining a Loan-to-Value (LTV) ratio of below 40% and improving its Interest Cover Ratio (ICR) to 1.6 times by the end of the process.
