Golden Acre in Cape Town CBD is being sold

CapeTalk's Clarence Ford speaks to Barbara Friedman about what's trending.

Listen below (skip to 01:35 on the audio player below):

Cape Town's iconic city-centre mall, Golden Acre, is being sold, the Competition Commission confirmed on Monday.

The Golden Acre, perfectly located on the corner of Adderley and Strand Street, opened for business in 1979 and has expanded its array of stores and bustling businesses ever since.

The shopping mall is surrounded by a taxi rank as well as a bus terminal, serving as a haven of sorts for commuters awaiting the arrival of their transportation.

In a statement released by the Competition Commission, it was confirmed that the proposed transaction between Putirex and 11 Adderley Properties will result in the acquisition of the two Target Properties listed above and currently controlled by Paramount, with conditions.

The Commission indicated that their view is that the proposed transaction is unlikely to substantially lessen or prevent competition in any market.

"I was there last year [2024] for the last SONA and I just thought 'wow'... it really has passed its sell-by date in many ways, it hasn't been modernised or upgraded in years. So, I think the fact that it's been sold is probably a good thing, so let's see what happens. So, interesting news and definitely something to watch," concludes Friedman.

Scroll up to the audio player to listen to the interview.