In a major move set to reshape the retail landscape of Cape Town’s southern suburbs, real estate investment trust Spear REIT has announced the acquisition of Maynard Mall in Wynberg for R455 million.
The deal, approved by the Competition Commission, was finalised with the Aria Property Group earlier in July and is expected to reach completion by 1 January 2026, pending a few remaining conditions.
Located in one of Cape Town’s busiest commuter nodes, Maynard Mall is a long-standing retail centre serving a diverse customer base.
The shopping centre is anchored by Shoprite and includes national retailers such as Ackermans, Clicks, KFC, and Nedbank, as well as essential government services like the Department of Home Affairs.
The centre attracts an estimated six million visitors annually.
Strategic Expansion
Speaking on the acquisition, Spear REIT CEO Quintin Rossi called the transaction a “pivotal extension of our retail footprint in Cape Town’s established Wynberg node.”
“This investment aligns with our strategic focus on high-performing convenience retail and supports our goal of long-term income stability,” said Rossi.
The acquisition brings with it a weighted average lease expiry of 57 months and an initial yield of 9.55%- a strong indication of expected profitability.
Funding and Future Plans
The acquisition will be funded through a combination of proceeds from Spear’s recent R749 million capital raise and secured debt facilities.
Over the next three to five years, Spear plans to invest an additional R20 million into capital improvements at the centre to enhance its value and customer experience.
“Spear has actively pursued growth opportunities in Cape Town’s convenience retail sector,” added Rossi.
“This transaction is a product of patience, strategic discipline, and the right market timing.”
How often do you shop at Maynard Mall?
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