Killarney Mall, one of South Africa’s oldest shopping centres, has officially been sold for R397.5 million, marking a significant change in ownership for the historic Johannesburg retail destination.
The sale was confirmed by property investment company Octodec Investments on Thursday, 5 November 2026, after all outstanding conditions for the transaction, including approval from the Competition Commission, had been fulfilled. Ownership of the mall was officially transferred to private property company AJPG Property 1 on 2 November 2026.
The agreement was initially reached in February 2026, when Octodec announced that it would sell 100% of its shares and claims in its wholly owned subsidiary, Killarney Mall Properties, for R397.5 million. The transaction forms part of the company’s broader strategy to dispose of properties considered non-core to its business.
According to Octodec, the proceeds from the sale will be used to reduce the company’s outstanding borrowings and support its future investment priorities. The company views the transaction as an important step towards strengthening its property portfolio and redirecting capital towards opportunities with better growth prospects.
Located on Riviera Road in Killarney, Johannesburg, the shopping centre holds an important place in South Africa’s retail history. Widely recognised as the country’s first mall-type shopping centre, Killarney Mall was developed in the 1960s on land that was previously home to the Killarney Film Studios, established in 1916.
Over the years, the centre has undergone several renovations and expansions, developing into a retail and office destination serving surrounding communities. Its retail offering includes established national brands such as Pick n Pay, Woolworths, Dis-Chem, Clicks and Mr Price.
The Competition Commission approved the transaction in October 2026, subject to conditions aimed at addressing public-interest concerns. These include the establishment of a dedicated empowerment fund and support for businesses owned by historically disadvantaged individuals to establish and operate retail outlets within the shopping centre.
The acquisition also adds to the property portfolio of the AJP Group, which has interests in several retail properties, particularly in Gauteng.
While the ownership transfer has been completed, the future direction of Killarney Mall under its new ownership remains a point of interest. The transaction raises questions about how the historic shopping centre will be positioned in an increasingly competitive retail environment.
For now, the sale marks the end of Octodec’s ownership and the beginning of a new chapter for one of Johannesburg’s most recognisable shopping destinations.
Main image: SA Tribune
