Major shopping mall in South Africa selling for R600 million

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09-01-2026
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Business Tech
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Hosken Consolidated Investments (HCI) is selling its 65% stake in Whale Coast Village Mall in Hermanus for R600 million.

The mall, which has 96 stores, is a premier shopping destination situated in Hermanus, southeast of Cape Town.

The mall is accessible via the R43, and the shopping centre brings a selection of fashion, restaurants, speciality shops and convenience stores to the Overberg region.

The mall, which boasts an award-winning design, offers essential services to the surrounding areas of Fisherhaven, Vermont, Onrus, and Hermanus.

Anchor tenants include Checkers, Crazy Plastics, Woolworths and Food Lover’s Market. The mall also has the only multi-purpose cinema, Road House Cinema.

The total GLA of the mall is just under 30,000 m², with owners including Dorpstraat Properties, Sandbaai Development Trust and Shoprite Checkers.

HCI’s subsidiary, HCI-Whale Coast Village Proprietary Limited (HCI-WCV), has now entered into a sale agreement, in which HCI-WCV has agreed to dispose of its 65% undivided share of the mall.

The sale will be made to Whale Coast Capital Investments Proprietary Limited and Whale Coast Village Mall Proprietary Limited. The two parties will acquire 40% and 25%, respectively.

The aggregate purchase consideration is R600 million. HCI indirectly owns 80% of the shares in HCI-WCV.

The purchase consideration will be used to settle taxes and the debt owed by HCI-WCV to its debt funders, which amounts to approximately R328 million.

The remainder of the purchase consideration is intended to be distributed by HCI-WCV to its shareholders, including HCI.

HCI noted that the transaction is subject to the fulfilment of several conditions precedent, including approval from competition authorities.

The Transaction is not notifiable from a categorisation perspective in terms of the JSE Limited Listings, with no shareholder approval required for the sale.

This is not the first major mall by HCI, which recently announced that another subsidiary, Permasolve, would sell the Point Mall in Cape Town for over R940 million.

HCI stated that the sale of the Point Mall would generate a significant return on investment and strengthen the group’s cash flow position.

As of September 30, the rental enterprise’s net assets were valued at over R188 million, while its profit after tax for the six months ended on that date was R5.47 million.