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Hyprop’s Clearwater Mall secures South Africa’s first Walmart Store

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Hyprop-owned centre brings international retail giant to West Rand, creating 80+ jobs

Clearwater Mall Secures South Africa’s First Walmart Store

Clearwater Mall, owned and managed by Hyprop Investments, will become home to South Africa’s first Walmart store, marking the American retail giant’s debut entry into the local market.

The announcement transforms Clearwater Mall’s retail offering and introduces Walmart’s distinctive “Every Day Low Prices” model to South African consumers. Unlike traditional sale-driven retail, shoppers will benefit from stable pricing across thousands of products year-round, eliminating the need to wait for promotional periods.

“Being selected as the location for South Africa’s first Walmart store demonstrates the strength of our retail offering and our commitment to the West Rand community,” said Kelly Belman, General Manager of Clearwater Mall. “The creation of more than 80 new jobs adds real economic value to our region, which makes this announcement even more meaningful.”

The store will occupy the mall’s upper level, featuring wide aisles, clear signage and bright lighting. Product categories span fresh and frozen foods, groceries, health and beauty products, clothing, baby essentials, homeware, electronics, toys and seasonal items.

Walmart’s product strategy emphasises local partnerships, with the majority of merchandise sourced from South African suppliers. Select international offerings will include the Beautiful range by actress Drew Barrymore – a collection of stylish kitchen appliances designed to bring premium quality to everyday cooking.

Public excitement has been building steadily since the announcement, with the store set to create more than 80 positions ranging from shop floor roles to management.

“The addition of Walmart is expected to increase foot traffic and create positive ripple effects for neighbouring businesses within the centre,” concluded Belman.

The Walmart Clearwater store will be located at Clearwater Mall upper level, Hendrik Potgieter Road and Christiaan de Wet Road, Strubens Valley, Roodepoort. The official opening date will be announced in the coming weeks.

Redefine embarks on R70 million Park Meadows upgrade

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Redefine Properties embarks on R70 million Park Meadows Shopping Centre upgrade to elevate shopper experience

 Redefine Properties is investing R70 million into the redevelopment of Park Meadows Shopping Centre in the East Rand, which will add more choice and make visits easier for the community. New retailers are joining the line-up and access improvements are under way, reinforcing Park Meadows as a convenient, everyday destination.

By enhancing convenience, refreshing facilities, and strengthening the tenant mix with the introduction of new anchor tenants, Redefine is ensuring that Park Meadows remains attractive to shoppers and tenants alike. This measured reinvestment forms part of Redefine’s broader strategy to actively manage and future-proof its convenience-led retail assets.

Expanding the retail mix

At the heart of the upgrades is the arrival of Woolworths Food, expanding the centre’s grocery offer with premium products and everyday essentials. This will be complemented by WCafé, Woolworths’ coffee and light meals concept, and WCellar, its dedicated wine and liquor format. Food Lover’s Market is also expanding to include a liquor section, giving customers more choice under one roof. Collectively, these additions bring fresh energy to the tenant mix and broaden the reasons to visit Park Meadows.

 Facilities upgrade for easier visits

Alongside the retail changes, Park Meadows is investing in improvements that support access, flow and the overall shopping environment. Works include a new entrance to ease movement in and out of the centre, speciality parking bays to better accommodate larger vehicles and a refreshed building façade that creates a more modern, welcoming look.

The upgrades are being delivered in carefully managed phases to minimise disruption so shoppers can continue to enjoy a seamless experience throughout.

“Park Meadows has been a cornerstone shopping destination for the East Rand community for many years,” says Leon Kok, Chief Operating Officer at Redefine. “This investment is about aligning the centre with how people want to shop today: conveniently and efficiently, with access to the right mix of retailers. By introducing anchors like Woolworths and expanding Food Lover’s Market, together with improvements to access and comfort, we are helping to keep Park Meadows relevant, resilient and a pleasure to visit.”

 Strengthening Redefine’s retail portfolio

The Park Meadows upgrade supports Redefine’s strategy to actively manage and enhance convenience-led retail assets in line with evolving consumer expectations. It also reflects wider trends in the retail sector, where centres that combine everyday essentials with premium experiences are best positioned to remain relevant and competitive. By investing in accessibility, quality and a balanced tenant mix, Redefine aims to sustain footfall and trading performance while creating value for shoppers and tenants.

 About Park Meadows

Situated in the heart of the East Rand, Park Meadows Shopping Centre brings together a balanced mix of national retailers and speciality stores that serve the daily needs of surrounding communities. With an accessible layout and a growing selection of food, grocery and lifestyle tenants, the centre remains a trusted choice for families and professionals.

 

Vukile’s Retail Academy expands into Daveyton Mall

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Vukile Property Fund (JSE: VKE), the specialist consumer-led retail real estate investment trust (REIT), has launched a new multi-tenant emporium at Daveyton Mall as part of the next phase of its game-changing Vukile Retail Academy. The project brings fresh, community-driven retail experiences to local shoppers while helping small businesses grow into sustainable enterprises.

Now in its third year, the Vukile Retail Academy continues to deliver on its founding aim: providing access to formal retail for promising entrepreneurs. Participants receive rent-free premises, fit-out support and hands-on mentorship. The initiative forms part of Vukile’s wider commitment to inclusive growth, tenant diversity and shared opportunity across the retail ecosystem.

Matching retail strategy with community needs is at the heart of Vukile’s singular business model. Its popular, high-performing shopping centres – all 33 of them in South Africa and the 20 retail assets abroad in Spain and Portugal – serve as platforms for local growth in each location. They do this by supporting entrepreneurs, integrating cultural identity, and fostering loyalty through authentic engagement. This customer-centric, community-first approach is changing retail landscape.

“We’re invested in more than shopping centres. We’re invested in the communities they serve. The success of our centres is grounded in understanding local needs, and meeting and exceeding them,” says Laurence Rapp, CEO of Vukile Property Fund. “With a customer-first approach, we co-create retail spaces and experiences that genuinely reflect and serve their unique communities while celebrating local talent, culture, community and innovation. The Vukile Retail Academy is a tangible expression of that philosophy.”

A programme of proven impact

 Launched in 2022, the Vukile Retail Academy has already made measurable impact. The first intake of eight entrepreneurs received 1,035 sqm of retail space to trade from across four shopping centres, along with tailored business and operational support. Mentorship focused on developing a resilient business mindset, enhancing store operations and building customer engagement strategies

The results speak volumes. From the 2023 Dobsonville cohort, Fakizinto Concepts and Zanwabo Cakes became full-time tenants. In 2024, four businesses from Randburg Square – Lonja Beauty Studio, Edenvinne, Vero’s Cake and Jeleni & Phindi Art Studio – have also joined the formal tenant mix, underlining the Vukile Retail Academy’s role in long-term tenant development.

“We’re seeing dreams become sustainable businesses,” says Itumeleng Mothibeli, MD SA at Vukile. “At the heart of the Vukile Retail Academy is a belief in people and potential. This programme is about removing barriers, nurturing talent and actioning our deep commitment to building the next generation of retailers, who will shape the future of South African retail.”

A new shared-format concept

 This year, the Vukile Retail Academy introduces an emporium-style space at Daveyton Mall, bringing five small businesses under one roof. The shared space allows entrepreneurs to share costs, test products and grow visibility in an animated, high-footfall retail setting.

The not-to-be-missed up-and-coming brands in the new emporium, are:

  • Seven Heartbeats: A cultural lifestyle brand blending contemporary fashion with traditional African design.
  • Cossen: African-inspired fashion and footwear with live shoemaking experiences.
  • Thesis Lifestyle: A Soweto-born streetwear brand celebrating township pride.
  • GameOn.Africa: A tech-driven edutainment hub promoting digital learning and innovation.
  • PeaPrido Elegance Events: A Daveyton-based events company delivering personalised, high-quality experiences.

Some of these businesses are expanding from existing markets or online platforms. Each comes with its own story, contributing fresh energy and relevance to the mall’s offering.

Daveyton Mall, first opened in 1993, is one of South Africa’s first township malls. It was recently upgraded and extended by Vukile and stands as a modern reflection of the colourful heritage of its community. The new design celebrates local culture through architectural features, murals and art installations. This culturally rich environment creates a powerful platform for a retail experience that truly belongs to its people.

Reflecting its role as a community anchor, the mall’s redevelopment included significant local participation, resulting in a retail centre that does more than serve the community; it reflects and empowers it. Its trailblazing new emporium of entrepreneurs extends this ethos.

Building a fresh retail ecosystem

 At Vukile, retail is about people before products. The Vukile Retail Academy reflects its longer-term ambition to help shape a retail sector that mirrors the depth and potential of South Africa’s entrepreneurial talent.

“This flagship initiative is rooted in our commitment to building a retail ecosystem where local talent thrives and communities feel seen, supported and proud. It’s about creating lasting partnerships for a better South Africa,” adds Rapp.

Hyprop’s dominant retail centres maintain their growth trajectory

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Hyprop, the JSE-listed specialist retail fund, reported strong performance for the five months ended 31 May 2025. In its pre-close update, the Group expressed satisfaction with the significant progress it has made so far, positioning itself for further growth in the near to medium term.

“Our sturdy performance during the period reflects the dominance and resilience of our portfolios in South Africa and Eastern Europe despite geopolitical challenges,” CEO Morné Wilken said. “We continue to look beyond the short term for organic and new growth opportunities to deliver value for all our stakeholders.

“In line with our growth and diversification strategy, we recently announced our intention to make a voluntary offer for a controlling stake in MAS plc to expand our footprint in the Eastern European market, for which we have raised R808 million via a book build. We believe the MAS plc transaction could be a game changer for Hyprop and will give us access to new countries in the region, namely Romania and Poland. However, before proceeding with the transaction, we must meet certain conditions, with one key condition being approval from our shareholders.

“If this transaction does not proceed, we can effectively deploy these funds into reducing debt in the short term, as well as for asset management initiatives, organic growth opportunities, further solar-PV projects and new investments within Hyprop’s expansion strategy.”

Hyprop is strongly positioned to make investments, with R1.2 billion of cash and R2.2 billion in available bank facilities, after receipt of the capital raise proceeds. The cash injection took the LTV ratio down from 36.3% at 31 December 2024 to 34.2%.

Since the Group embarked on its new strategic journey in 2019, it has made significant progress, including optimising its EE portfolio, settling dollar equity debt in the sub-Saharan Africa portfolio, and selling the sub-Saharan Africa portfolio in return for shares in Lango, a pan-African real estate investment company. In the same period, Hyprop reduced its LTV from a peak of 52%, shaved its euro equity debt from €403 million to €87 million, simplified its structure, improved its credit rating, and continuously invested in enhancing the attractiveness and sustainability of its centres in South Africa and Eastern Europe.

SA and EE centres maintain attractiveness

In the South African portfolio, tenant turnover rose 7% in the five months ended 31 May 2025 compared with the same period in 2024 while trading density increased by 10.2%. At 31 May 2025, retail vacancies were 3.9%, primarily due to Edgars’ rightsizing its stores in the portfolio, which provides flexibility to secure new tenancies to meet shoppers’ demands. The weighted average reversion rate remains in positive territory at 2.9%, and the retail new deal reversion rate was very pleasing at 13.5%.

All the centres have made good progress with letting and projects. Here are some of the highlights:

In the Western Cape, Canal Walk is pleased to see that Edgars is performing well in the new rightsized space, which includes a world-class fragrance and cosmetics offering. Overall, leasing activity has been positive, with office demand increasing significantly. At Somerset Mall, the Phase 2 expansion of the centre is progressing well, and terms have been agreed with several stores which will occupy the expanded area, including Game, Computer Mania, Total Sports, a variety of athleisure and affordable luxury brands such as New Balance, Burnt, Curve Gear, and Napapijri, an international outdoor apparel brand. At CapeGate, the development of satellite offices around the centre on a leasehold basis is still in the early stages, but it is gaining traction and already attracting potential tenants.

In Gauteng, Rosebank Mall enhanced its tenant mix by adding six new stores: Cannafrica, One Stop Travel & Tours, Drip4Life (IV drip experts), Glow Theory (Korean beauty store), John Craig and Cajees (a watch and accessories retailer). Hyde Park Corner will be significantly enhanced in August with the opening of a new Checkers FreshX store. At Woodlands, the Pick n Pay supermarket has rightsized from 5 600m² to 3 636m² and a new lease agreement has been signed with a franchisee. The Glen completed its egress and ingress project in April and is currently refurbishing its exterior signage.

In Eastern Europe, tenant turnover increased by 3.5% and trading density rose by 4.0%, despite a decline in foot count of -3.3% mainly due to non-trading Sundays in Croatia and recent store boycotts related to rising food prices. Despite these challenges, tenant demand remains robust, as reflected in the modest 0.1% vacancy rate at 31 May 2025.

In Croatia, City Center one East and City Center one West continued to broaden their retail offerings. At The Mall in Bulgaria, various projects have been completed to enhance the sustainability and efficiency of the centre: upgrading the lighting system, replacing the water meters to enable remote reading, and replacing the roof structures over the parking ramps with more durable material. Recent highlights at Skopje City Mall include the grand openings of Ehoreca, the official Nespresso reseller in North Macedonia, and the new Gerry Weber mono-brand store that opened in February 2025.

Enhancing energy, water and waste resilience

Hyprop is focusing on solar-PV installations at its centres and is taking the necessary steps to add a further phase at The Glen. Meanwhile, CapeGate, Somerset Mall and Canal Walk are beginning their initial phases of solar projects. In June 2025, the Group will issue a request for proposals to the energy wheeling market to enhance both existing and new solar-PV installations. Once these solar-PV and wheeling energy projects are completed, they are expected to supply more than 60% of the SA portfolio’s energy requirements. Additionally, the total carbon emissions of the SA portfolio, relative to the 2019 baseline which was aligned with Science-Based Targets, will be below the carbon reduction targets set for 2030.

The three-day backup tanks and pumps for potable water have been installed at all Gauteng centres, with similar initiatives set to start soon in the Western Cape. The organic waste recycling initiatives have proven highly effective, with five centres (Canal Walk, CapeGate, Somerset Mall, The Glen and Woodlands) achieving net zero waste status.

Looking ahead

“Our focus is on creating retail spaces that connect people by providing excellent retail experiences for our tenants and shoppers while unlocking value through initiatives within our existing portfolios in South Africa and Eastern Europe,” Wilken said.

“We will continue to pursue both new and organic growth opportunities in our preferred geographies (being the Western Cape and Eastern Europe), reposition the SA and EE portfolios to maintain their dominance and retain and grow market share, annually review our portfolios and recycle capital where appropriate, implement sustainable solutions to reduce the impact of the infrastructure challenges we face in South Africa, and ensure our balance sheet remains robust.

“Hyprop is confident of delivering strong growth in the coming financial year through improved operational performance of its portfolios, including benefits from solar and other energy projects anticipated to come on stream, a reduction in interest costs and the benefits from deploying the additional R808 million of capital, even in the absence of the MAS transaction,” Wilken added.

Hyprop expects to release its results for the six months to 30 June 2025 on or about 16 September 2025.

Vukile completes R141 million redevelopment of Bedworth Centre

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Vukile Property Fund (JSE: VKE) has completed the R141 million redevelopment of Bedworth Centre in Vereeniging, delivering a high-convenience, community-focused retail destination.

“As a centre of growth, we invest in our portfolio using deep local insight and data analytics that support our shoppers’ experience and retailers’ success,” says Laurence Rapp, CEO of Vukile Property Fund. “The transformation of Bedworth Centre is more than just a physical upgrade, it’s about creating an ecosystem that serves everyone in the value chain, from our investors to our retailers, from our customers to our broader stakeholder communities.”

The Bedworth Centre redevelopment combines enhanced aesthetics and amenities with meaningful upgrades to layout, access and security. Using proprietary customer analytics, the revamp was tailored to ensure the centre remains a cornerstone of convenience and connection for Bedworth Park, including the Vaal University of Technology (VUT) and North West University (NWU Vaal Campus), as well as the South East (SE) and South West (SW) suburbs, the greater Sharpeville, Bopelong and the surrounding growing population.

“At Vukile, our approach starts with understanding the communities we serve. By integrating data with deep local insight, we craft tenant mixes that resonate with the unique needs and aspirations of people in the area. The result is retail that is aligned with daily life. Our retail spaces don’t just exist in communities; they evolve with them,” says Itumeleng Mothibeli, MD SA at Vukile Property Fund.

At the heart of the redevelopment is the introduction of two national grocery anchors, Boxer and Shoprite, both of which opened in late 2024 adding tremendous variety and choice to the local retail experience. These additions, alongside an expanded and diversified retail offering, position Bedworth Centre as the dominant convenience retail hub in the area.

“Thriving retail centres uplift the communities they serve. They provide accessibility, dignity and economic opportunity. This redevelopment reaffirms our commitment to building vibrant, enjoyable spaces that resonate with and reflect their communities. With new anchors and a curated tenant mix, Bedworth Centre is sustainably positioned for the long-term,” adds Mothibeli.

Revamped retail with local relevance and national brands

The updated tenant lineup spans essential goods, services and aspirational retail. Shoppers now benefit from an enriched variety of food, fashion, homeware and lifestyle offerings all under one roof.

New additions to the centre include Shoprite, Boxer, Hungry Lion, Big Joe Pies, Fish & Chips Co, Factory 88, Jam Clothing, Bellama, Blooming Beauty, Pep Home, OK Furniture and Volpes.

A standout feature of the new retail mix is Pepkor Group’s Home.Tech.Sleep concept store, the second of its kind to open in South Africa. Spanning 1,570sqm, it is a one-stop destination for integrated home solutions.

Even more national brands opened their doors in early this year, coinciding with the official launch of the updated centre in April 2025, including Sportscene, Kreme Beauty Lounge, Cash Crusaders, Home Décor Villa, with Shoprite and Boxer Liquor expected to open soon

Integrated community convenience

Further elevating Bedworth Centre’s role in the local ecosystem is the addition of a SARS Client Service Centre, located adjacent to the main parking area. This public-private synergy brings critical government services closer to residents and enhances the centre’s appeal as a holistic service destination.

“The redevelopment of Bedworth Centre is a shining example of Vukile investing with intent,” concludes Rapp. “It’s how we drive performance in our portfolio, partner effectively with our retailers and contribute meaningfully to the communities we serve.”

 

Vukile pre-close trading update for year ended 31 March 2025

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Vukile Property Fund closes a transformative year and forecasts accelerating growth

Vukile Property Fund (JSE: VKE), the leading specialist retail real estate investment trust (REIT), delivered a strong pre-close trading update for its financial year ended 31 March 2025, underscoring its dealmaking dexterity, strategic expansion and robust operational delivery. Vukile confirmed it is on track to meet its full-year guidance of 2% to 4% growth in funds from operations (FFO) per share and 6% growth in dividends per share (DPS).

Reflecting strong business momentum and high-quality earnings, Vukile also provided preliminary guidance on FFO and dividend per share growth for FY26 of at least 6%, based on conservative assumptions and without anticipating any need for new equity capital.

The transformative year has been underpinned by strategic execution. Driven by disciplined dealmaking and decisive capital deployment, Vukile’s gross asset value now exceeds R50 billion.

Through its 99.5%-held Spanish subsidiary Castellana Properties, Vukile grew its asset base in Spain and Portugal by nearly 60%. It exited its investment in Lar España at an impressive profit of EUR82 million, swiftly redeploying capital to acquire the iconic Bonaire Shopping Centre in Spain’s Valencia province at a compelling cash-on-cash return of over 8%, avoiding cash drag and securing sustainable earnings from a top-quality asset.

Adding a new engine of growth to its strategy, Vukile entered Portugal with four high-quality retail acquisitions. A fifth deal is well advanced and already fully funded.

All-in-all, the Iberian portfolio grew around 60% over the 12 months, cementing Vukile’s dominant position across two of Europe’s strongest economies − Spain and Portugal. Approximately two-thirds of Vukile’s assets and 60% of earnings are now offshore.

In South Africa, Vukile acquired a 50% stake in Mall of Mthatha (formerly BT Ngebs) in May 2024, where early turnaround performance has exceeded expectations. The mall’s vacancy rate has decreased dramatically from 18% to just 1.8%.

These assets were acquired at a favourable point in the cycle, expanding Vukile’s footprint and growing its Iberian portfolio with strategically aligned, high-performing assets that are delivering strong cash flows with further upside through targeted asset management.

“We’ve come through a phase of explosive growth. Now, we’re focused on integration, optimisation and crystallising value from these assets. Vukile remains open to opportunities but will prioritise deepening value within its current footprint, and for the time being we don’t expect to raise capital,” confirms Laurence Rapp, CEO of Vukile Property Fund.

Operational strength has stood out across Vukile’s portfolio of high-performance, strategically located shopping centres, with limited exposure to new competition and strong pricing power.

In South Africa, like-for-like net property income (NPI) grew 6.4%, vacancies remain below 2%, and 84% of rental reversions were positive or flat.  The portfolio has recorded growth in both sales and footfall. The cost-to-income ratio reduced to 15%, with ongoing progress in solar and water initiatives enhancing sustainability metrics and efficiencies.

In the Iberian portfolio, like-for-like NPI increased by almost 2% and with various value-add projects now complete, significant upward momentum can be expected in the year ahead. Vacancies in both portfolios remain below 2%. Positive rental reversions were a standout 23.6% in Spain and 6.15% in Portugal. Sales grew 4.3% in Spain and 6.7% in Portugal.

“With a well-hedged balance sheet, minimal near-term debt expiries of just 2% maturing in FY26 and strong liquidity, Vukile is closing FY25 in an exceptionally positive position,” says Rapp.

Vukile Property Fund will report results for the full year to 31 March 2025 on 17 June 2025.