SA billionaire’s former firm sells major Joburg mall – here’s how much it fetched

Johannesburg – Accelerate Property Fund, the property investment company established by South African businessman Michael Georgiou, has agreed to sell Cedar Square Shopping Centre in Fourways, Johannesburg, for R630 million (approximately $38 million), as it continues efforts to reduce debt and restructure its property portfolio.

The sale to private property group Aristonas ends Accelerate’s 13-year ownership of the shopping centre, which has approximately 44,249 square metres of lettable space and is anchored by Pick n Pay and Woolworths Food.

According to Billionaires.Africa, the transaction was agreed in September, with Aristonas ultimately owned by the Big Apple Trust.

The disposal has since received approval from the Competition Commission, which found that the transaction was unlikely to substantially lessen or prevent competition in any market.

Several property disposals 

BusinessTech reported that the commission also found no significant public interest concerns arising from the transaction.

Accelerate said the disposal “forms part of its ongoing strategic repositioning and restructuring programme”, with the proceeds earmarked for debt reduction.

However, the property fund will retain the development rights to approximately 40,447 square metres of undeveloped space at the site, valued at about R169 million. Aristonas will have the option to acquire these rights should it wish to pursue future development.

The sale is part of a broader disposal programme through which Accelerate has been shedding assets to strengthen its balance sheet.

According to Shore.Africa, the company has undertaken several property disposals as it shifts its focus towards its remaining core assets, particularly Fourways Mall.

Major shopping centre

Accelerate reduced its gross debt by approximately R777.3 million to R3 billion during its 2025/26 financial year, largely through property sales, according to Billionaires.Africa.

Following the Cedar Square disposal, Fourways Mall will remain the company’s last major shopping centre.

Georgiou, who established Accelerate in 2013 and guided it through its listing on the Johannesburg Stock Exchange, has since exited the company.