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Major South African Mall Sells for R1.3 Billion



Baywest Mall was sold for over R1 million

In a significant South African property market transaction, Baywest Mall was sold for over R1 million. BusinessTech reports that this sale is part of a broader divestiture of Rebosis properties valued at approximately R7 billion.

This week, the sale announcement revealed that Baywest Mall and 27 other properties have found new ownership as Rebosis navigates its business rescue process. Rebosis, a Real Estate Investment Trust (REIT) listed on the JSE, entered into business rescue in August 2022 due to a sustained decline in financial performance.

Also read: Community Delivers Demands to Protea Gardens Mall Management

Initially established by the Billion Group in 2010, Rebosis became the first black-managed and substantially black-owned property fund to go on the JSE. Over the years, the company accumulated a portfolio of high-value income-generating properties, including several large shopping malls.

However, mounting financial pressures, including rising interest rates affecting debt servicing costs and challenges in recovering increased municipal expenses from sovereign tenants, contributed to Rebosis’ deteriorating financial position.


To address its escalating debt, the company’s business rescue practitioners initiated the sale of approximately 41 properties, encompassing a mix of commercial properties and retail centres. Among these assets, five key retail centres were included, with Baywest Mall in Gqeberha being the largest at 87,000 square meters.

Also read: 10 of the Top Malls in Johannesburg

Baywest Mall was acquired for R1.3 billion by a consortium of investors operating under the Hangar 18 Portfolio. This consortium also secured the purchase of Hemingways Mall, spanning 74,000 square meters in East London, for the same R1.3 billion price tag.

Although business rescue documentation initially indicated higher values for the malls at R1.6 billion and R1.7 billion, the final sale prices reflected current market conditions.

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Picture: Instagram / lungagaxa

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