SA Corporate Real Estate has struck a R544.6m deal to offload its Bluff Towers Shopping Centre in Durban, continuing its retreat from retail assets in KwaZulu-Natal.
The listed property group, through its subsidiary SA Retail Properties, sold the property to Tinos Consulting and Advisory, whose ultimate beneficial owner is the Big Apple Trust. The transaction includes the 23,979m² retail centre at 319 Tara Road, associated leases and improvements on site.
The centre, which was redeveloped in 2021-22, has reached its full potential, according to SA Corporate. Proceeds from the sale will be reinvested into assets with stronger growth prospects, in line with the group’s capital optimisation strategy.
The transaction is still subject to competition authority approval and is expected to close by December 20 — but no later than March 2026.
Bluff Towers was independently valued at R545.1m in June 2025, broadly in line with the deal price. Its latest reported net asset value is R357.6m, with net property income of R44.7m.
As the disposal is classified as a category 2 transaction under JSE listings requirements, no shareholder approval is required.
In its results for the six months to end-June, SA Corporate Real Estate reported a strong occupancy profile and highlighted the resilience of its primarily residential tenant base, on which its portfolio is largely concentrated.
The group added that residential valuations in its portfolio were expected to trend upward given that the multifamily residential sector was gaining traction as a resilient, purpose-built asset class.
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