In a move that’s set to shake up the retail scene in Cape Town’s southern suburbs, Spear REIT has announced the purchase of Maynard Mall in Wynberg for a whopping R455 million.
The deal, initially negotiated with the Aria Property Group, has received approval from the Competition Commission and is expected to be finalised by 1 January 2026, pending a few final conditions.
Maynard Mall Remains a Key Retail Hub
Strategically located in one of Cape Town’s busiest commuter hubs, Maynard Mall has long been a cornerstone for local shoppers.
The centre is anchored by Shoprite and hosts national favourites such as Ackermans, Clicks, KFC, and Nedbank.
It even provides essential government services, including the Department of Home Affairs, drawing a diverse crowd of around six million visitors each year.
Strategic Expansion for Spear REIT
Quintin Rossi, CEO of Spear REIT, described the acquisition as a “pivotal extension of our retail footprint in Cape Town’s established Wynberg node.”
He added, “This investment aligns perfectly with our focus on high-performing convenience retail and supports our goal of long-term income stability.”
The deal also comes with a weighted average lease expiry of 57 months and an initial yield of 9.55%, signaling strong potential profitability for the property investment trust.
Funding the Acquisition and Future Plans
To finance the acquisition, Spear REIT will use a mix of proceeds from its recent R749 million capital raise along with secured debt facilities.
Looking ahead, the company plans to invest an additional R20 million over the next three to five years in capital improvements to enhance both the centre’s value and the overall shopping experience.
“Spear has consistently sought growth opportunities in Cape Town’s convenience retail sector,” Rossi noted.
“This acquisition reflects patience, strategic discipline, and well-timed market decisions.”
What This Means for Shoppers
For locals and regular visitors, the acquisition promises upgrades and a more enjoyable shopping experience at Maynard Mall in the coming years.
With major retailers and essential services all under one roof, the centre is set to remain a key retail destination in Wynberg for years to come.