KEY POINTS
- HCI sells The Point Mall for R943 million.
- Buyer faces penalties if transfer runs late.
- HCI deepens its Africa energy expansion strategy.
Hosken Consolidated Investments has agreed to sell The Point Mall in Cape Town’s Sea Point district for R943 million as the group lowers its property footprint.
The Johannesburg-listed investment firm confirmed the deal with Future Indefinite Investments, which will acquire the rental business attached to the site.
The agreement covers the building, all improvements, tenant leases and fixed fittings. The transfer will run through Permasolve Investments, the HCI subsidiary that owns and manages the mall. HCI holds a 70.59 percent stake in the entity.
The mall has been a consistent contributor to earnings for the group. Sale proceeds will clear Permasolve’s debt and tax liabilities before the remainder is used to pare back HCI’s group-level borrowings and preference-share funding.
To avoid drawn-out delays, the parties built in sharp penalties. If the deal is not finalized by Sept. 30, 2026, and the delay stems from the buyer or its lender, monthly interest of R2.55 million will apply through December 2026. That charge will double to R5.11 million per month from January 2027. While as of Sept. 30, 2025, the rental business held net assets of R188.3 million and posted profit after tax of R5.47 million in the previous half-year.
John Copelyn’s long shadow over HCI
The sale comes as HCI continues reshaping its portfolio under CEO John Copelyn, one of South Africa’s most seasoned dealmakers. Since taking the helm in 1997, Copelyn has expanded HCI’s reach across hotels, gaming, broadcasting, transport, property and energy, turning it into a major Black-empowerment investment vehicle.
Through Chearsley Investments, Copelyn owns 6.63 million HCI shares, or 7.7 percent of the company. His influence stretches across subsidiaries including Deneb Investments, Tsogo Sun and eMedia Holdings, placing him at the center of strategic shifts inside the group.
HCI boosts Africa energy partnership
Furthermore, energy remains one of HCI’s most ambitious bets. The group is nowa leading player in efforts to commercialize South Africa’s largest offshore gas discovery the Brulpadda and Luiperd fields in Block 11B/12B. After TotalEnergies and other partners exited the block in 2024, HCI’s energy arm, Impact Oil & Gas, moved to keep the development on track.
According to Billionaires Africa, HCI further holds 49 percent of Toronto-listed Africa Energy Corporation, which owns a 10 percent stake in the block and is preparing to take over operatorship. The group also sees the project as vital for South Africa’s energy security and a major long-term revenue source once production begins.
