One of Johannesburg’s most recognisable shopping destinations is changing hands. Octodec Investments Limited has reached an agreement to sell Killarney Mall to AJPG Property 1 Proprietary Limited for a consideration of R397.5 million .
The deal involves the sale of 100% of the shares and claims in the iconic shopping centre, which has been a fixture of Johannesburg’s retail landscape for over 45 years .
A Well-Known Destination
Killarney Mall, situated in the northern suburb of Killarney, has long been a convenient shopping hub for residents and visitors alike. The mall offers easy access off the M1 highway, secure parking, and 24-hour security .
According to Octodec, the retail and office spaces cater to a wide variety of shoppers and clients . The property comprises:
-
36,225 sqm of rentable retail space
-
11,245 sqm of office space
-
Weighted average rental of R155.20 per square metre per month
Strategic Rationale
The disposal forms part of Octodec’s broader capital-allocation strategy. The company identified Killarney Mall as a non-core asset suitable for recyclingselling to unlock value and redirect capital into other opportunities .
Octodec believes that greater value can be unlocked by divesting from non-core property and reinvesting the proceeds .
The funds from the sale will be allocated to two primary purposes:
The Numbers
The mall was valued at R407.6 million as of 31 August 2025 . Octodec’s directors are satisfied that the sale price of R397.5 million represents fair market value .
According to Octodec’s financial results for the year ended 31 August 2025:
What This Means
For regular shoppers, the change in ownership may not be immediately visible. Killarney Mall will continue operating, and AJPG Property has not indicated any major immediate changes .
But the sale marks the end of an era for Octodec, which has held the property for decades. It also reflects broader trends in the commercial property sector, where companies are increasingly focused on core assets and debt reduction.
The deal is expected to be concluded in due course, subject to the fulfilment of any remaining conditions . For now, Killarney Mall remains open for businessunder new ownership, but still very much a part of Joburg’s retail landscape.
