Accelerate Property Fund Divests Three Major Shopping Malls for R300 Million to Combat Debt and Refocus on Fourways Mall

Accelerate Property Fund divests non-core malls and its Portside Tower stake to reduce debt and focus on its flagship Fourways Mall turnaround.

By: AXL Media

Published: Mar 29, 2026, 8:37 AM EDT

Source: Information for this report was sourced from Business Tech

Strategic Divestment to Address Corporate Leverage

Accelerate Property Fund is moving forward with an aggressive restructuring plan, offloading several of its retail assets across South Africa for a combined total exceeding R300 million. The Real Estate Investment Trust (REIT) has identified these properties as non-core to its long-term strategy, prioritizing the use of sale proceeds to reduce debt and improve its financial covenants. According to a recent trading update, this disposal program is a critical lever for optimizing the fund’s capital structure following several years of financial pressure. By narrowing its focus, the group intends to stabilize its balance sheet and restore investor confidence in its primary retail portfolio.

The Major Disposals in Johannesburg and Limpopo

The headline transactions of this restructuring phase include the sale of The Buzz Shopping Centre and the Waterford Centre, both located in the Fourways district of Johannesburg, alongside the Bosveld Mall in Bela Bela. The Buzz, which features over 14,000 square meters of lettable area, is being sold for R150 million, while the smaller Waterford Centre has been priced at R65 million. According to the fund, these assets are being acquired by the Dorpstraat Capital Growth Fund and Property House Group Investments. Additionally, the Bosveld Mall in Limpopo was sold to Morsim Developments Properties for R88 million, representing a significant transfer of regional retail space.

Reinvestment into the Flagship Fourways Mall

A central component of Accelerate’s recovery strategy involves the targeted capital investment into Fourways Mall, the largest shopping center in South Africa. The group has deployed approximately R173 million—its 50% share of a larger R346 million investment—to reposition the mall under new property and asset management. According to the group’s latest metrics, this investment has already begun to yield results, with vacancy rates dropping from 16.1% to 9.4% in early 2026. The introduction of high-profile tenants such as Planet Fitness and several major restaurant chains has been a key driver in revitalizing the mall’s commercial appeal.