The Competition Commission has conditionally approved the sale of Johannesburg’s historic Killarney Mall to AJPG Property, the property investment vehicle of AJP Group.
The mall is currently owned by Octodec Investments and has been a landmark in Killarney since opening in 1961. It is regarded as one of South Africa’s earliest suburban shopping complexes and sits close to affluent areas including Houghton, Westcliff and The Parks.
AJP Group currently owns 15 retail properties, mainly in Gauteng. Its portfolio includes Kempton Gate Mall, Steeledale Mall, Glen Balad Mall and Elgin Mall.
The acquisition will add Killarney Mall’s retail space, A-grade offices and fuel station to the group’s portfolio. The centre is anchored by Pick n Pay and Woolworths, with retailers including Clicks, Dis-Chem, Mr Price, Ackermans and PNA.
The Competition Commission said the transaction is unlikely to substantially reduce competition in any market.
However, the approval comes with public-interest conditions. The parties must establish a dedicated empowerment fund and support businesses owned by historically disadvantaged persons to help them establish and operate retail businesses.
The sale will only be completed once the required conditions have been met.
Main Image: Joburg ETC
