South Africa’s Competition Commission has approved the sale of two retail centres – the 42 000-square-metre Chatsworth Centre in KwaZulu-Natal and the 10 000-square-metre E’Mhluzi Mall in Mpumalanga – recommending that the Competition Tribunal greenlight both transactions without conditions.
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According to the commission, the proposed sales are unlikely to substantially lessen or prevent competition in any relevant market and raise no significant public interest concerns.
‘Biggest and oldest malls’
The larger of the two, Chatsworth Centre, is one of KwaZulu-Natal’s biggest and oldest malls.
Opened in 1989, the shopping centre is currently owned by Sanlam Life, a subsidiary of Sanlam Limited, which has invested heavily in upgrades over the years – including a R140 million refurbishment between 2016 and 2018.
The improvements modernised entrances, paving, parking areas, and storefronts, helping the mall maintain its position as a major retail hub.
Chatsworth Centre, located about 15km from Durban’s CBD, forms part of the Chatsworth central business district and attracts over 1.1 million visitors a month across its 150 stores.
The mall will be acquired by Vukile Property Fund, a Johannesburg Stock Exchange-listed real estate investment trust (REIT) focused on retail properties in South Africa, Spain, and Portugal.
Vukile’s local portfolio includes East Rand Mall, Randburg Square, and Mall of Mthatha.
Key retail destination
The second transaction involves the E’Mhluzi Mall in Mhluzi, near Middelburg, Mpumalanga.
The 10 000-square-metre neighbourhood centre, developed in 2013 by Fontis Developments, serves as a key retail destination for the local community.
It is being sold by E’Mhluzi Proprietary Limited to Bright Edge, a property investment firm controlled by family trusts.
Bright Edge owns and manages several retail properties in Mpumalanga and elsewhere in South Africa.
The Competition Commission’s approval clears the way for both transactions to proceed to the Tribunal for final confirmation.
