Killarney Mall sale cleared: Competition Commission conditionally approves Octodec's R397.5m exit

One of South Africa's most historic shopping centres is a step closer to new owners. The Competition Commission has conditionally approved the sale of Killarney Mall in Johannesburg by Octodec Investments to AJPG Property 1, the property investment vehicle of the AJP Group. Octodec announced in February 2026 that it would sell its entire interest for R397.5 million, which covers the retail space, A-grade offices and a fuel service station. The Commission found the deal unlikely to substantially prevent or reduce competition in any market.

The conditions

The approval comes with a public-interest requirement. The merging parties must set up a dedicated empowerment fund, and the new owners must support businesses owned by historically disadvantaged individuals to establish and run retail trading businesses. Buyers of sizeable retail assets should allow for conditions like these when they plan a purchase.

A slight discount to book value

The price is a little below the R407.6 million at which the mall was valued at 31 August 2025, although Octodec's directors described it as fair market value. For a REIT focused on Pretoria and Johannesburg, the sale turns a single large asset into cash at close to book value. For the buyer, the mall adds to a portfolio of 15 other retail properties, mostly in Gauteng. Tenants include Pick n Pay, Woolworths, Ackermans, Clicks, Dis-Chem, Mr Price and PNA, which gives the centre a strong convenience base in a densely populated part of the city.

Sixty-five years of retail history

Killarney Mall opened in 1961 on the site of the old Killarney Film Studios, established in 1916, and is widely described as South Africa's first mall-type shopping centre. It passed to Octodec and Gold Eagle Properties in 2001. Its longevity is a useful reminder that older retail property can keep its value when location and tenant mix stay relevant, even as newer and much larger malls open around it.

What it means for the market

The sale comes as several listed funds reshape their portfolios by selling assets, and it shows that a private buyer can pay close to book value for an established centre. Tenants generally see little immediate change in a sale like this, because existing leases normally transfer to the new owner, but a change of landlord is a good moment to check renewal dates. Find current retail space to let in Johannesburg.

Source: BusinessTech, 9 October 2026.

Source: Daily Investor, 8 October 2026.

Source: BusinessTech, 25 February 2026.

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