Cape Town’s historic Golden Acre shopping centre in the city’s central business district is being sold to Putirex and 11 Adderley Properties. Originally built by Sanlam in the 1970s on the old Cape Town train station site, Golden Acre became the first shopping centre in a South African city centre, opening in 1979. During its construction, remnants of a 1663 storage dam were discovered.
In 2009, the nearby Grand Parade Shopping Centre merged with Golden Acre, expanding the mall with additional stores, fast-food restaurants, dental services, and ATMs. Notable retailers at Golden Acre include Shoprite, Ackermans, Foschini, and popular dining options such as McDonald’s and KFC.
The recently approved transaction involves the sale of Golden Acre, Grand Parade, and 11 Adderley Street by Paramount Property Fund to Putirex and 11 Adderley Properties, who aim to expand their Western Cape portfolio.
The Competition Commission approved the deal, noting it would not harm market competition and included conditions to address the public interest, such as procuring services from historically disadvantaged persons (HDPs).