Enyuka Prop Holdings, a community retail fund co-owned by ONE Property Holdings, Mpande Property Fund and Trinitas Private Equity, has more than doubled in value following the transfer of six established shopping centres from ONE Eighty Holdings, an unlisted vehicle in the ONE Property Holdings group.

The transaction has increased the fund’s gross asset value from approximately R1.8 billion to R3.5 billion, positioning it among SA’s largest unlisted retail real estate funds.

All six assets (Kempton Square, Heritage Mall Kathu, Northmead Mall, Southdale Shopping Centre, Vaalgate Mall, with a 50% undivided share in Sasolburg Mall), moved across to Enyuka are stable, income-generating centres located in high-footfall areas with ONE Property Holdings already having invested in upgrades and modernisation in preparation for the transfer.

“The transaction is a major step forward in positioning Enyuka Prop Holdings as an investment-grade fund specialising in quality, grocery-led community retail centres,” says Chris van Reenen, Group CEO of ONE Property Holdings.

R2.1 billion in debt financing for the transaction was arranged from a syndicate of leading financial institutions comprising Nedbank Corporate and Investment Banking (CIB), RMB, Futuregrowth, Absa and Taquanta Asset Managers, with Nedbank CIB acting as the syndication lead.

“This deal reinforces Enyuka’s strategy of building a focused and resilient retail portfolio. The fund now has both the scale and the strategic clarity to align with that. These are mature assets with sustainable income streams that have already seen significant reinvestment, and we believe there is further upside ahead,” comments Sbu Luthuli, CEO of Mpande Property Fund.

The asset management team has installed solar photovoltaic systems at approximately two-thirds of the shopping centres in Enyuka, with further installations to follow and complemented by water sustainability initiatives including the development of boreholes and on-site treatment facilities.

In late 2023, Emira Property Fund disposed of its entire 49.9% stake in Enyuka Property Holdings to One Property Holdings for R641.5 million.