At a Glance
- SA Corporate sells Bluff Towers for $31.7 million to fund high-growth property investments.
- The sale marks its shift from mature retail to resilient asset classes.
- Proceeds will cut debt and support new developments across key growth segments.
SA Corporate Real Estate has agreed to sell Bluff Towers Shopping Centre in Durban for R544.6 million, marking another step in its plan to streamline operations and direct capital toward stronger-performing assets.
The deal, concluded through subsidiary SA Retail Properties (Pty) Ltd, will transfer ownership of the mall to Tinos Consulting and Advisory (Pty) Ltd by December 2025, or no later than March 2026, once all conditions are met. Classified as a Category 2 disposal under Johannesburg Stock Exchange (JSE) Listings Requirements, the transaction does not require shareholder approval.
Refocusing on growth and balance
For SA Corporate, the sale is part of a broader strategy to refocus the business on assets that can deliver steadier income and better growth prospects. The company said its retail exposure in KwaZulu-Natal had reached a mature stage, particularly after the 2021–2022 redevelopment of Bluff Towers. With the project now fully stabilised, management believes it is the right time to release capital and reinvest in assets that can drive long-term value.
Bluff Towers has been a fixture in Durban South’s retail landscape for decades. With a gross lettable area of 23,979 square meters and an average rental of R206 per square meter, the centre generates about R45 million in annual net property income. The sale price, closely aligned with an independent valuation of R545 million, represents a solid premium to its book value of R357 million.
A matured retail asset
The mall’s performance has been underpinned by its strong tenant base and accessible location along Tara Road in the Bluff district. It hosts several of South Africa’s best-known retailers, including Checkers, Woolworths, Dis-Chem, Clicks, Mr Price, Jet, and Truworths. Popular food and service brands such as KFC, Pedro’s, Wimpy, and Shell also maintain a presence.
Following a major redevelopment, Bluff Towers now offers modern interiors, upgraded parking, and a balanced tenant mix that has kept shopper traffic steady. SA Corporate described the centre as having “reached full maturity,” indicating it is performing well but has limited potential for further capital growth.
Timing the exit
The decision comes at a time when many listed property funds are rethinking their retail exposure. Rising interest rates, cost pressures, and changing consumer behavior have prompted several real estate investment trusts to sell stabilised assets and focus on industrial, logistics, and residential properties, which have shown stronger rental resilience.
Durban’s retail market remains active but competitive, with new developments adding pressure on older centres. By exiting now, SA Corporate secures full value at a time when investor appetite for well-located, income-generating assets remains firm.
The buyer and what lies ahead
The purchaser, Tinos Consulting and Advisory (Pty) Ltd, is a locally registered firm linked to the Big Apple Trust, according to regulatory filings. While its long-term plans for Bluff Towers have not been disclosed, local analysts note that such acquisitions are typically made by private investors seeking stable, income-producing assets with predictable returns.
The transaction is subject to approval from the Competition Commission and an audit review, both currently underway. Once concluded, it will stand among the largest retail property deals recorded in KwaZulu-Natal in 2025.
Looking ahead
For SA Corporate, the sale of Bluff Towers fits within its ongoing repositioning strategy—divesting mature retail centres and focusing on assets that can enhance returns and diversify earnings. Proceeds from the sale are expected to help reduce debt and fund new developments that align with its long-term investment focus.
For Durban’s Bluff community, the change in ownership is not expected to cause disruption. The mall will continue to operate as usual, with tenants remaining in place and management transitioning smoothly. Under new ownership, Bluff Towers is set to maintain its role as a central shopping destination for local residents.
