Fairvest acquires two South African malls for $39 million

Fairvest Property Holdings, a Johannesburg-listed real estate investment trust co-founded by property executive Darren Wilder, said Thursday it has acquired two shopping centers in KwaZulu-Natal for R674 million ($38.9 million). 

The deal includes Jozini Mall and Tugela Ferry Mall, both located in growing regional towns. Fairvest said the acquisition supports its strategy of investing in retail centers that serve underserved communities and are close to transport routes and local hubs. 

Fairvest to invest $39 million in two malls

The rights and interests in the properties are currently held by Greater Atlantic Properties and Copperzone 163 under lease agreements with the Ingonyama Trust, which owns the land. Muller Group Invest holds a 51.7 percent stake in Greater Atlantic Properties and 41 percent in Copperzone 163 through family-related companies.

Fairvest said it will allocate R399.1 million ($23 million) for Jozini Mall and R274.9 million ($15.9 million) for Tugela Ferry Mall. Jozini Mall spans 19,188 square meters with Shoprite as the anchor tenant, while Tugela Ferry Mall covers 14,853 square meters.

Growing a retail footprint 

Fairvest, listed on the JSE and A2X, owns a diverse property portfolio that includes retail, industrial, and office spaces. It manages a portfolio of more than 128 properties across South Africa, with over half of its assets in the retail sector. Industrial and office spaces account for roughly 26 percent and 20 percent respectively.

The company expects the newly acquired assets to contribute R75.8 million ($4.4 million) in revenue by September 2026, and R119.2 million ($6.9 million) in the following year.  In a trading update last month, the group said it expects to exceed the upper end of its distribution growth guidance of 8 percent to 10 percent for the year ending September 2025. 

Darren Wilder’s leadership

Wilder, who co-founded Fairvest in 2011, has guided the company through steady growth by focusing on smaller, high-performing retail centers. A former executive at Capital Alliance Properties and Spearhead Property Group, he has built Fairvest around clear principles — social responsibility, innovation, and ethical business practice—that continue to shape its success.