Good news for people who shop at South Africa’s largest mall

Fouways Mall is the largest mall in South Africa, sitting at 178,202 sqm. However, the mall has faced increased challenges recently, including high vacancies. 

Amidst increased vacancies and the deterioration of the mall, part-owner Accelerate agreed to pump R400 million into upgrading it in 2024. 

Property experts Flanagan and Gerard and the Moolman Group also took over as the mall managers. The mall has seen a massive shift, driven by a focus on the needs of its upwardly mobile shopper base.

Popular gym chain Planet Fitness has become the latest addition to the mall, opening its 51st gym in the country. 

“Our Fourways Mall club has been designed as a true functional training hub,” said Mannee De Wet, Managing Director of Planet Fitness. 

“It is a place where the community can come together to train smarter and support each other in reaching their individual goals.

The gym has a full range of HYROX equipment, including a triple sled track. It is also the first club to introduce a dedicated stretch and mobility zone. 

With another location already in Fourways, Planet Fitness is providing complementary spaces for the price of a single membership, with Fourways Mall members also allowed to use the club at the Buzz shopping centre, and vice versa. 

De Wet said that the decision to open a second club in the Fourways area was due to the rapid development in nearby neighbourhoods, the investment into supporting infrastructure and strong demand for healthy lifestyle offerings.

Other retailers that recently joined the mall include Huawei, Spur, Mochachos, Pet Shop Science and ZuluZenith, while Spur has also re-joined the mall.

The mall will also soon host the popular gaming and technology convention, rAge Expo.  

Financial service providers, African Bank and Travelex, have also moved to more convenient positions in the mall.

On top of the new stores, the mall has been working on a large-scale solar energy system that will see a large section of the roof decked in solar panels.

Navigating Fourways Mall has also become easier due to several recent upgrades, such as improved signage, brighter lighting and a more intuitive wayfinding system.

Financial headaches remain

Despite the new tenants, the mall still remains a financial headache for its owners. 

The JSE-listed Accelerate Property Fund (AFP) recorded a massive R1.27 billion loss for the year ended 31 March 2025, doubling the loss recorded in 2024.

The loss is mainly from an expected credit losses (ECL) allowance, which surged by 560% to R1 billion.

This relates to impairments from a lapsed deal with Fourways Mall co-owner, Michael Georgiou and his investment vehicle Azrapart.

Last year, Accelerate and various entities agreed to restructure debts owed to it all to fall collectively under Azrapart, totalling just under R800 million.

In a bid to settle the debt, the group reached an agreement to balance it to R0 through reverse claims, future investment and acquiring shares of bulk development space owned by Azrapart.

That said, the agreement lapsed in November 2024, and APF warned earlier this year that the full amount may not be recoverable and must be impaired.

Although AFP said it would use whatever resources it had to recover the debt, it admitted that there were legal uncertainties around this. 

The group said that Georgiou has not yet signed a new agreement, and it will use whatever resources it has at its disposal to recover the debt. However, it admitted there were legal uncertainties around this.

Azrapart was placed in business rescue earlier this year, meaning that the recoverability of these debts is highly doubtful. 

The situation compounded its losses and pushed its comprehensive loss for the year to R1.27 billion.

Fourways Mall remains the largest asset in its entire portfolio, with AFP’s 50% share valued at R4 billion, valuing the mall at R8 billion.