Another R88 million sale for owner of South Africa’s largest shopping mall

Accelerate Property Fund is selling Bosveld Mall in Bela Bela in a deal worth R88 million, excluding VAT.

Accelerate is the owner of South Africa’s largest shopping centre, Fourways Mall, and has been selling assets as it goes all in on Fourways Mall.

The Bosveld Mall in Limpopo is being sold to the Morsim Developments Properties, whose beneficial owners are Charlie Bentel and Max Sacks.

Accelerate said the transaction is part of its ongoing strategic repositioning and restructuring programme.

It intends to apply the proceeds of the disposal to reducing debt. The purchase will be paid in full in R88 million in cash upon registration of the transfer of the property.

The seller is also liable for a 3% sales commission on the transaction. Accelerate will provide a rental guarantee of R85,320 per month, exclusive of VAT, for all existing vacancies for a 12-month period post-transfer.

To the extent specific vacancies are filled, the guarantee amount payable will be reduced on a pro rata basis.

The mall, which is found at 26 Potgieter Road, Bela Bela, has a gross lettable area of 15,991 sqm, with a weighted average gross rental of R118/sqm.

The property’s net operating income (excluding straight-line rental income adjustments) was R3.8 million. The disposal yield is 8.6%.

The mall is valued at R95 million, based on cash flows and forward net income generated by the properties as of the valuation date.

The expected cash proceeds from the sale are roughly R85.36 million. As the transaction is categorised as a Category 2, it does not require shareholder approval.

Bosveld is not the first mall that Accelerate is selling; the REIT recently received Competition Commission approval to sell two malls in Fourways.

The group announced in August 2025 that it was selling the Buzz Shopping Centre and Waterford Centre in Fourways for a combined total of R215 million, excluding VAT.

The Buzz will be sold for R150 million, while the Waterford centre is sold for R65 million, with the malls sold to Dorpstraat Capital Growth Fund and Property House Group Investments.