September 17 2026 16:45
CEDAR SQUARE, FOURWAYS, GAUTENG
Accelerate Property Fund, owner of one of South Africa’s largest shopping centres, Fourways Mall, is selling one of its biggest retail assets, Cedar Square.
Accelerate is struggling to attract investors and remain profitable. The company’s market capitalisation sits at around R857m and its share price at R0.41.
Cedar Square is a retail centre in the suburb of Fourways, with approximately 44,249 square metres of gross lettable space.
According to Accelerate, the mall is being sold to a private group called Aristonas, which has the Big Apple Trust as its ultimate beneficiary.
The group is disposing of the mall as a going concern for an aggregate purchase consideration of R630m.
Aristonas will acquire Cedar Square Shopping Centre, its related income stream and available bulk, but will not acquire the right to develop the bulk.
The right to develop the available bulk of 40,447 square metres will be retained by Accelerate by means of a Notarial Deed of Servitude registered in favour of the group, it said.
Should Aristonas wish to develop the bulk, it will be entitled to purchase the Development Rights by giving written notice to Accelerate. The valuation of the bulk is R169m.
Accelerate said the disposal forms part of its ongoing “strategic repositioning and restructuring programme”. The group intends to apply the proceeds of the disposal to reducing debt. It might delist in the future.
During its 2025/26 financial year, Accelarate reported that it had reduced its gross debt by R777.3m to R3bn.
The improvement was mainly thanks to the fund’s disposal programme, with Accelerate selling four properties and a vacant stand for R788.5m million during the year.
Five properties and stands were transferred after year-end, generating net proceeds of R278.2m for debt reduction.
The value of the property portfolio, including assets held for sale, dropped to R6.6bn from R7.75bn.
Fourways Mall, valued at R8bn, accounts for the largest portion of the group’s portfolio, with an R4bn shareholding.
247@propertyflash.co.za
