Accelerate seeks backing for minority disposal of its $256 million Fourways Mall stake ahead of December vote

Accelerate Property Fund, a Real Estate Investment Trust (REIT) listed on the Johannesburg Stock Exchange (JSE), has distributed a shareholder circular seeking approval for new management agreements covering Fourways Mall, including a proposed disposal and call option involving a minority interest in the mall. Accelerate’s 50% stake is valued at R4.2 billion ($257 million), with shareholders scheduled to vote on the transactions at a general meeting on December 14, 2026.

The South African-listed REIT said the circular, distributed on Friday, November 13, seeks shareholder approval for transactions involving the New Property, Development and Asset Management Services Agreement (New PMA), as well as two related agreements, as South Africa’s listed real estate investment trust continues to reshape its portfolio around its flagship asset.

Accelerate owns half of Fourways Mall, valued at $510.65 million

Accelerate owns 50% of the 179,973-square-metre mall, while Azrapart Proprietary Limited owns the remaining 50%. Fourways Mall was valued at R8.4 billion ($510.65 million) as of March 31, 2026, putting Accelerate’s interest at approximately R4.2 billion ($257 million). The new agreement formalises the appointment of F&G and Luvon as the mall’s property, asset and development managers after the previous agreement lapsed in November 2024.

Since taking over management responsibilities in February 2024, the managers have overseen a reduction in vacancies from 18.8% to 6.6% by August 2026, while tenant turnover increased from R226.3 million ($13.76 million) to R365.2 million ($22.21 million). Average trading density also rose from R1,816 per square metre to R2,711 per square metre over the period.

The New PMA was entered into by Accelerate, Azrapart, F&G and Luvon, following an announcement published on the Johannesburg Stock Exchange’s Securities Exchange News Service on September 28, 2026. Azrapart was represented by its joint business rescue practitioners, Piers Michael Marsden and Lance Schapiro.

The agreement is intended to regularise the appointment of F&G and Luvon as asset, development and property managers of the properties and letting enterprises that comprise Fourways Mall. The agreement also grants F&G and Luvon a call option to acquire an undivided interest of up to 15% in the mall, with the purchase price calculated using the property’s net operating income and an 8% capitalisation rate.

Shareholders to consider related-party transactions

The New PMA includes a Potential Disposal and a Call Option, both classified as Category 1 related-party transactions under the JSE Listings Requirements. Their implementation therefore requires shareholder approval.

Accelerate had also entered into a Co-Ownership Amendment Agreement and a New Exco Agreement alongside the New PMA. Although neither agreement independently requires shareholder approval under the JSE Listings Requirements, the company has elected to seek approval for both voluntarily.

The company said the decision was taken in the interest of good corporate governance and transparency. The circular outlines the terms and conditions of all three agreements and incorporates the notice convening the general meeting.

General meeting scheduled for December 14

Accelerate will hold its general meeting at 10:00 a.m. on Monday, December 14, 2026, at the main boardroom of its registered office at Cedar Square Shopping Centre, Management Office, First Floor, corner of Willow Avenue and Cedar Road, Fourways, Johannesburg. The meeting will also be accessible through electronic communication.

Shareholders will consider and, if deemed appropriate, pass the resolution relating to the agreements, with or without modification.

The last day to trade Accelerate shares to qualify to vote is Tuesday, December 1, while the record date for shareholders entitled to attend, participate and vote is Friday, December 4.

Proxy forms must be lodged with Computershare Investor Services by 10:00 a.m. on Friday, December 11, for administrative purposes.