The Bloed Street Mall in Pretoria has been sold to Galcocept Holdings.
The Competition Commission has approved the sale of Pretoria’s Bloed Street mall to Galcocept, a special purpose vehicle of Maponya Investment Holdings.
The Bloed Street Mall sits in the Pretoria CBD and has an estimated value of approximately R350 million based on previous sales prices.
The mall has approximately 73 stores in its 28,400 square metres, including branches for several major banks, fashion outlets, and a SuperSpar.
In addition to its permanent stores, the mall has several informal trading stands offering visitors unique products.
Its location in a densely populated area makes it a popular shopping destination for many Pretoria residents, with an estimated annual footfall of 8.7 million.
The mall is now being sold by Rebosis to Maponya Investment Holdings, through an SPV, with the Competition Commission approving the transaction.
“Galcocept is a special-purpose vehicle controlled by Maponya Investment Holdings Proprietary Limited,” the Competition Commission said.
“The Commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market. The proposed transaction does not raise significant public interest concerns,” it said.
Maponya Investment Holdings is a family-run investment group, with a portfolio which includes real estate, mining, private equity and gambling.
“Our diverse portfolio spans Real Estate, Mining and Energy, Private Equity, and Gambling and Gaming,” the company said.
The group, through an SPV, owns several other shopping malls in South Africa, such as the Simunye shopping centre in Mpumalanga and the Mega City shopping centre in the North West.
The group also controls the Jane Furse Crossing shopping centre in Limpopo, which has stores such as Mr Price and Pep.
Previously, it was reported that the Bloed Street Mall had been sold to Hangar 18, a consortium of investors, but this sale had been delayed.
The mall was valued at R350 million at the time of the sale.
The property was sold alongside several others, such as the Hemingways mall and Sunnypark shopping centre.
The properties were reportedly sold at the end of 2023, after Rebosis entered business rescue and was forced to reduce its portfolio.
Rebosis entered business rescue in 2022 after years of deteriorating financial performance and other pressures.
In recent business rescue updates, Rebosis noted that all properties had been transferred to new owners, except for the Bloed Street Mall.
“All the properties, including their associated rental enterprises, have been transferred to the respective purchasers, except for the Bloed Street Mall,” it said.
“The delay in the transfer of the Bloed Street Mall remains due to the ongoing dispute concerning the land lease with the City of Tshwane.”
The dispute centres around a disagreement between Rebosis and the Tshwane municipality over the remaining length of the municipal land lease for the Bloed Street Mall.
“As previously communicated, the purchaser and the Business Rescue Practitioner continue
to engage with the City of Tshwane Council in an effort to resolve the matter.”
“These engagements are ongoing, and we are still awaiting feedback from the City of Tshwane regarding the resolution of the dispute.”
The delay in the transfer of the Bloed Street Mall would mean that Rebosis is still the owner of the property, despite Hangar 18 listing it as part of its portfolio.
This would give Rebosis the opportunity to find another buyer for the property, in this case, Maponya Investment Holdings.
