SA Corporate sells Bluff Towers shopping centre for R544m

SA Corporate Real Estate Limited, through its subsidiary SA Retail Properties Proprietary Limited, has agreed to sell Bluff Towers Shopping Centre for R544,646,166. The purchaser is Tinos Consulting and Advisory Proprietary Limited, with Big Apple Trust as the ultimate beneficial shareholder.

The effective date of the disposal is expected on or about 20 December 2025, with a final deadline of 20 March 2026 for the transfer of Bluff Towers. This divestment aligns with SA Corporate's strategy to reduce its retail exposure in Kwazulu-Natal and follows a 2021/2022 redevelopment.

The proceeds from the sale will be reinvested into assets with greater growth potential. Bluff Towers, located at 319 Tara Road, Bluff, Durban, has a rentable area of 23,979m² and generated property income of R44,694,727.

As of 30 June 2025, an independent valuation by Spectrum Valuations and Asset Solutions assessed Bluff Towers at R545,100,000. The transaction is categorized as a Category 2 disposal under JSE Listings Requirements and does not require shareholder approval.