Spear Reit has spent over R1 billion to acquire real estate assets, including the R455 million Maynard Mall in Cape Town.
In its financial results for the six months ended 31 August 2025, the Western Cape-focused Spear said it acquired real estate assets to R1.074 billion.
The new acquisitions include the R182 million Berg River Business Park, R437 million Consani Industrial Park and R455 million Maynard Mall.
“The new acquisitions are set to transfer into the core portfolio during Q3 & Q4 FY2026,” it said.
The group recently said that the date of registration for the Maynard mall property transfer should be in January 2026.
“The core portfolio remains well placed to deliver consistently on its strategic focus.”
“The key drivers to such delivery being strong return-to-office and letting momentum, semigration, localisation, commencement of an interest rate cutting cycle and constraint in supply of real estate assets.”
The group’s occupancy levels for the six months sat at 95.03%, with it stating that its balance sheet is being primed for growth with a HY2026 LTV of 13.85% before the Maynard Mall Acquisitions.
Announced in July and approved by the Competition Commission in September, Spear previously said Maynard Mall aligns with its focus on well-located, high-quality convenience retail assets.
The Wynberg-based Maynard Mall is an over 25,000 sqm convenience-oriented community shopping centre anchored by Shoprite.
70% of its tenants are national retailers, including Ackermans, Absa Bank, Clicks, Capitec Bank, KFC, Hungry Lion, Nedbank, Pep, Sportscene, and Zone Fitness, alongside essential services and local traders.
The mall comes fitted with a 924 kWh PV Solar installation, and is positioned along major public transport routes and benefits from good accessibility and visibility.
The mall serves the daily and weekly needs of a broad residential catchment and commuter market, with a footfall of about 6 million shoppers.
The group said that the mall will be able to generate R20.8 million in profit by the end of the financial year ending 28 February 2027.
In its interim results, Spear said that the decline in interest rates and effects of two-pot withdrawals have had positive impacts on its tenants as consumer demand returns and spending power increases.
“Spear’s tenants have reported positive trading conditions as footfall levels remain strong and basket sizes remain in line with tenant expectations, particularly within the apparel segment.”
Financials
Spear’s financial results improved over the financial year, with basic earnings per share rising 65% to 74 cents.
The group’s headline earnings per share rose 12% to 43 cents, while distributed income per share (DIPS) rose by 5% to 44 cents.
The group’s distribution per share (AKA interim dividend) rose by 5% to 42 cents.
For the rest of the year, the group has maintained a DIPS growth rate of 4% to 6% compared to the 2025 financial year. The guidance is influenced by the following:
- No Loadshedding for the balance of FY2026
- Vacancies are reduced in line with management’s forecast
- Lease renewals are concluded per management’s forecast
- No major tenant failures occur during the year
- Tenants continue to absorb rising costs associated with utility charges, municipal service rates and other charges
- No civil unrest within Cape Town, the Western Cape or South Africa.
The dividend payout ratio is set to be 95% by the Board of Directors.
| SALIENT FEATURES | Unit | HY2026 | HY2025 | Variance |
| Distributable income per share | cents | 43.78 | 41.61 | 5.21% |
| Distribution per share | cents | 41.59 | 39.53 | 5.21% |
| Pay-out ratio | % | 95.00 | 95.00 | -* |
| Total distributable income | R’000 | 173,247 | 111,224 | 55.76% |
| Revenue excluding smoothing | R’000 | 385,867 | 306,919 | 25.72% |
| Revenue including smoothing | R’000 | 395,363 | 310,167 | 27.47% |
| Basic earnings per share | cents | 73.96 | 44.97 | 64.47% |
| Headline earnings per share | cents | 43.33 | 38.73 | 11.88% |
Maynard Mall Images
