Vukile Property Fund Limited, the Johannesburg-listed retail REIT led by CEO Laurence Rapp, has completed a R76.1 million ($4.72 million) extension and refurbishment of Nonesi Mall in Komani, Eastern Cape, adding 3,100 square metres of retail space and strengthening the shopping centre’s position as a leading retail destination in the region.

The expansion takes Nonesi Mall’s gross lettable area to nearly 31,000 square metres and was fully pre-let before opening, allowing Vukile to increase rental income while improving the centre’s retail and services offering.

Vukile is a South African customer-focused retail property group and one of the country’s largest real estate investment trusts, with total assets of R63.7 billion ($3.96 billion). About 70% of its portfolio is invested across Spain, Portugal and Italy, while its South African portfolio focuses on township, rural, urban and commuter retail centres.

Investment targets stronger returns

The Nonesi Mall redevelopment forms part of Vukile’s broader asset management strategy of investing in existing properties to improve their quality, performance and resilience.

The company expects the R76.1 million ($4.72 million) project to generate a 9.5% net operating income yield, while strengthening Nonesi Mall’s role as a retail and services hub for Komani and surrounding communities.

The redevelopment made use of previously underutilised parking space at the front of the centre and addressed gaps in the mall’s tenant mix.

Vukile said it used proprietary customer analytics alongside local market knowledge to determine the mix of retailers and services required by shoppers in the area.

Itumeleng Mothibeli, Managing Director for South Africa at Vukile Property Fund, said the project was designed not only to upgrade the physical asset but also to improve customer choice and strengthen the mall’s role in the local community.

New tenants expand retail and banking offering

Four new tenants have anchored the extension: OBC Better Butchery, Dis-Chem Pharmacy, Standard Bank and Absa Bank.

They join established national retailers including Game, Checkers, Boxer Superstores, Woolworths and Jet, further broadening the centre’s retail offering.

The redevelopment has also enabled the relocation and refurbishment of the existing Clicks store and pharmacy, the introduction of Edgars and an expansion of the Sidestep footwear store.

The expanded tenant mix gives shoppers greater access to groceries, healthcare, fashion, footwear and financial services while strengthening Nonesi Mall’s position as a one-stop shopping destination.

Investment creates jobs in Eastern Cape

The redevelopment has also generated employment and local economic activity. According to Vukile, the project created 356 employment opportunities, including 174 positions filled by people from the local community. Of approximately R39.7 million ($2.47 million) spent on subcontractors and materials, R12.5 million ($776,288) was spent within the local community, while another R26.6 million went to suppliers elsewhere in the Eastern Cape.

Overall, approximately 98.5% of project expenditure remained within the province, highlighting the wider economic impact of the redevelopment. The expansion was officially launched on August 13, 2026, under the theme “Sikhulile,” meaning “We’ve grown,” with tenants, project partners, community stakeholders and invited guests attending the opening.

The project reinforces Vukile’s strategy of extracting additional value from its existing retail portfolio through targeted investment, customer data and tenant optimisation, while directing a significant portion of development spending into the communities and regions where its properties operate.