February 27 2026 15:30
JOHANNESBURG, SOUTH AFRICA
Octodec has reached an agreement to sell its long-held Johannesburg mall, Killarney Mall, for R397.5m.
Octodec will sll 100% of the shares and claims in Killarney Mall to AJPG Property. The mall has operated for more than 45 years. The group said that the retail and office spaces at Killarney Mall cater to a wide variety of shoppers and clients, offering easy access off the M1 highway, secure parking and 24-hour security.
The company believes that greater value can be unlocked by divesting from non-core property and redirecting capital into other opportunities. The proceeds from the sale will be allocated to reducing debt and to deployment for future projects.
The mall has a rentable area of 36,225 square metres for its retail operations, while its office space totals 11,245 square metres. The weighted average rental per sqm stood at R155.20 per month. It has struggled with high vacancies for years. Around a quarter of the mall is vacant. The mal has struggled to compete with Rosebank Mall to attract customers.
The valuation of the mall on 31 August 2025 was R407.6 million. The directors of Octodec are satisfied that the sale price of R397.5m is of a fair market value. The net liabilities and profits of Killarney Mall were R38,581,619 and R16,614,735, respectively, according to Octodec’s financial results for the year ended 31 August 2025.
247@propertyflash.co.za
