South African billionaire Patrice Motsepe-linked Sanlam sells KwaZulu-Natal shopping mall

A coastal shopping mall linked to Sanlam, Africa’s largest insurer that counts billionaire Patrice Motsepe as deputy chair and shareholder, has been sold in KwaZulu-Natal to Trident following Competition Commission approval. The sale marks a strategic divestment and sharpening of focus on core insurance and investment operations.

Retail market sees major moves

Trident, a diversified property investment firm with holdings in South Africa, Australia, and the U.K., is acquiring the 29,361m² shopping center, located just off the N2 freeway. Southcoast Mall—also known locally as the Shelly Centre—was co-developed in 2005 by Hyprop Investments and Redefine Properties. Hyprop exited its 50 percent stake in 2011, leaving Redefine as the sole owner, before Sanlam later took over.

Sanlam had disclosed in July 2025 that its Investment Management SCI property fund also holds 8.49 percent of Hyprop and 6.08 percent of Redefine, underscoring the insurer’s long-standing exposure to the sector. The deal reflects the broader shake-up in South Africa’s retail property market, where institutional investors are streamlining portfolios while buyers like Trident look to grow regionally.

Mall remains regional retail hub

Shelly Centre has been a fixture on the KwaZulu-Natal South Coast since it first opened in 1985. It underwent a major revamp in 2015 and today hosts more than 70 tenants, including Woolworths, Pick n Pay, Mr Price, Clicks, and Edgars. While Ster-Kinekor is pulling out as part of a national restructuring, the mall remains the main retail hub for the Hibberdene-to-Port Edward corridor.

The Competition Commission found the sale would not reduce competition. To meet public-interest requirements, Trident agreed to maintain employment levels at the mall and source management services from historically disadvantaged groups.

Motsepe holds indirect Sanlam stake

Patrice Motsepe, Africa’s first Black billionaire, holds a 7.8 percent indirect stake in Sanlam through Ubuntu-Botho Investments and serves as the firm’s vice chairman. His influence has been pivotal to Sanlam’s drive to expand its footprint across Africa and beyond.

With a market capitalization of R195 billion ($10.99 billion), Sanlam continues to redirect capital toward insurance and financial services, while trimming exposure to non-core real estate assets. The disposal reflects Sanlam’s broader property rationalization strategy as the insurer is redirecting capital into its core financial services while cutting back on non-essential real estate holdings.