Fortress Real Estate acquires control of Balfour Mall, plans redevelopment

Fortress Real Estate Investments Limited, one of South Africa’s largest real estate companies, has acquired a controlling stake in Balfour Mall as part of a wider plan to redevelop the ageing retail centre and revive the surrounding Highlands North precinct in Johannesburg. 

The company said on May 19 that it had completed the acquisition of a 51% stake in Tradecco Properties, the owner of the mall, after receiving unconditional approval from the Competition Commission of South Africa. 

The 37,000-square-meter mall sits at the corner of Louis Botha Avenue and Northview Road in Highlands North, one of Johannesburg’s busiest and most densely populated northern suburbs. Tradecco had acquired the property from Burstone Group in a deal approved by competition authorities in December 2025.

Fortress said the acquisition fits into its strategy of expanding its retail footprint in key Gauteng urban nodes while investing in community-focused shopping centres. 

“Balfour Mall has long been a recognised landmark in Johannesburg’s northern suburbs, and we believe it has enormous untapped potential,” Fortress Chief Executive Officer Steven Brown said in a statement. 

Brown said the group plans to reposition the mall into what he described as a safer and more welcoming retail destination for residents, tenants and nearby businesses.

Partners target broader precinct revival 

Fortress is partnering with local developers Consolidated Urban and Forever Young Capital on the redevelopment and precinct regeneration project. 

The firms were founded by Jeremy and Paul Berman alongside Jonti Brozin and are known for urban renewal projects in Johannesburg, including work linked to Victoria Yards. 

“We have always believed that great cities and neighbourhoods are built from the inside out, starting with the people in the community,” Brozin said. 

“We are excited to work with Fortress to write the next chapter, one that brings the soul and heritage back to the neighbourhood, creates opportunity for local people and businesses, and gives this precinct the energy and pride it deserves.”

Mall overhaul planned for 2027 reopening 

Fortress and Forever Young Capital said they plan a full physical and operational overhaul of the mall, with a targeted reopening in 2027. 

The redevelopment is expected to include a refreshed tenant mix led by two major grocery retailers, alongside new restaurants, entertainment spaces and lifestyle-focused stores. 

The companies also plan infrastructure upgrades, including improved access routes from Louis Botha Avenue and Northview Road, expanded parking, a formal taxi rank and a designated hawkers area. 

Other upgrades will include solar power installations, smart metering systems, water-saving measures and electrical improvements designed to lower operating costs and improve long-term efficiency. 

The project will also extend beyond the shopping centre itself. Fortress and its partners said they intend to invest in surrounding public infrastructure, including road cleanups, upgraded public spaces, school improvements and the regeneration of local sports facilities and soccer fields serving the wider community, including nearby Alexandra. 

The group added that security measures in the area will be strengthened through its partnership with CAP Community.

Fortress expands retail footprint 

The acquisition adds another Gauteng retail asset to Fortress’ growing property portfolio and underscores the company’s focus on commuter-oriented and community-serving retail centres. 

Founded in 2009, Fortress Real Estate Investments is listed on the Johannesburg Stock Exchange and has investments across logistics, retail and commercial real estate in South Africa and Central and Eastern Europe. 

The company also holds a 15.2% stake in NEPI Rockcastle. 

Fortress owns logistics properties valued at about R21.1 billion ($1.2 billion) across South Africa and Central and Eastern Europe, alongside a South African retail portfolio valued at roughly R11.8 billion ($706.3 million). 

Brown, who has led the company since 2019, previously worked at Fortress and Standard Bank. He has also served as a non-independent non-executive director at NEPI Rockcastle since 2020.