Accelerate Property Fund has agreed to sell The Bosveld Bela Bela Shopping Centre in Limpopo for R88-million.
The shopping centre has been acquired by Morsim Developments Properties, owned by Charlie Bentel and Max Sacks.
Accelerate Property said this sale is a strategic repositioning and restructuring programme, with the company planning to use the proceeds to pay debts.
Bosveld Mall exits the long list of properties owned by Accelerate Property. These include Cedar Square, Waterford, BMW Fourways, Oceana Building, and Portside building on the Cape Town Foreshore, among others.
The mall serves the local Bela-Bela community offering access to Clicks, Vodacom, PicknPay, Sleepmasters, and Hungry Lion, among others.
Cash on transfer
The transaction will be fully effective once the property is registered in the name of Morism Developments Properties. The full purchase price will be paid in cash on transfer.
Accelerate Property is expected to pay 3% sales commission on the deal. As part of the agreement, Accelerate Property will provide 12-month rental guarantee on existing vacancies at the centre. This is valued at R85, 320 per month excluding VAT, and will reduce on a pro-rata basis as vacant space is let.
“The net expected cash proceeds from the Transaction is approximately R85, 360 000. The net operating income (excluding straight-lining rental income adjustments) of the Property for the 6-month period ended 30 September 2025, was c.R3.8-million. And the disposal yield is 8.6%,” said Accelerate Property in a statement.
Accelerate Property said the deal is classified as a Category 2 transaction under JSE Listings Requirements. And therefore it does not require shareholder approval.
