Spear Reit

What Spear Reit does

Spear REIT Limited is the only JSE-listed Real Estate Investment Trust with exclusive focus on the Western Cape province of South Africa. Founded in 2011 and listed on the Johannesburg Stock Exchange in November 2016 under ticker SEA:SJ, the company owns and actively manages a portfolio of 42 properties comprising 630,061 m² of gross lettable area across industrial (67%), commercial (20%), and retail (13%) sub-sectors. The portfolio is leased to 659 tenants — 59% A-grade, 34% B-grade, 5% C-grade — at a 97.28% occupancy rate with a 30-month weighted average unexpired lease term and 99.33% cash collections. Notable tenants include national anchors such as Shoprite, Pick n Pay, Clicks, Mr Price, Capitec, Absa, and Nedbank, as well as industrial occupiers such as Nampak Liquids and multi-let Berg River Business Park tenants.

The company's core "technology" is its embedded solar PV infrastructure, with commissioned capacity exceeding 9.4MW covering approximately 67% of the portfolio as of FY2026, targeted to reach 70%. Spear also operates the Spearonline tenant portal for space-to-let enquiries. The company is included in the FTSE/JSE All Property Index and SA REIT Index from March 2026 and is headquartered in Cape Town following a relocation to Century City effective June 2026.

Spear generates revenue through recurring rental income from its diversified Western Cape property portfolio (FY2026 portfolio value R7.18 billion, up 29.73% YoY) and returns capital appreciation to shareholders via a 95% payout ratio, retaining 5% for reinvestment. Capital is raised through JSE equity issuances including private placements and accelerated bookbuilds (most recently R1 billion in April 2026, multiple times oversubscribed). Growth is achieved through opportunistic acquisitions — including the R1.146 billion Emira Western Cape portfolio (October 2024), Maynard Mall and Consani Industrial Park (July 2025), Berg River Business Park (May 2025), and the announced R960 million Tygervalley Office Portfolio and R442 million Watergate Centre acquisitions — alongside active asset management, brownfield development (GTX Park George, Blackheath extension), and embedded energy infrastructure deployment.

Name

Spear Reit

Legal name

Spear REIT Limited

Website

https://spearprop.co.za

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Spear REIT Limited is a JSE-listed Real Estate Investment Trust exclusively focused on Western Cape property. It owns 42 commercial, industrial, and retail properties totaling 630,061 m² of gross lettable area leased to 659 tenants, generating recurring rental income supplemented by embedded solar PV infrastructure across the portfolio.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Commercial real estate investment
• Industrial property leasing
• Retail property management
• Real estate investment trust
• Property asset management

Headquarters

HQ city

Cape Town

HQ country

South Africa

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Property Rental Income: Spear REIT generates revenue through rental income from its commercial, industrial, and retail property portfolio across the Western Cape. Revenue increased by 23.25% to R7.18 billion in FY2026. The company maintains a 95% payout ratio, distributing earnings to shareholders while retaining 5% for reinvestment.
2. Capital Appreciation: The company generates returns through appreciation of its property portfolio value, which increased to R7.18 billion in FY2026 with portfolio occupancy at 97.28% and total GLA of 630,061 m².

Go-to-market motion1 record

Distribution channels4 records

Marketing channels8 records

Core offering

Spear REIT owns, leases and actively manages a Western Cape-focused portfolio of 42 income-generating commercial, industrial and retail properties totalling 630,061 m² of gross lettable area. The portfolio serves 659 tenants across A-grade, B-grade and C-grade segments with a 97.28% occupancy rate, generating rental income plus capital appreciation for shareholders. The company also installs and operates embedded solar PV infrastructure across its properties to enhance energy resilience for tenants.

Product overview

Spear Reit is a Western Cape-focused Real Estate Investment Trust (REIT) operating exclusively in South Africa's Western Cape province. The company owns and manages a portfolio of 42 commercial properties with total gross lettable area of 630,061m2, segmented across three sectors: Industrial (67% of portfolio by GLA), Commercial (20%), and Retail (13%). Key products include the Industrial Properties Portfolio (warehouses, logistics parks including GTX Park, Consani Industrial Park, Mega Park), the Commercial Properties Portfolio (office buildings including 2 Long Street, Tygervalley office portfolio), and the Retail Properties Portfolio (shopping centers including Maynard Mall, Watergate Centre, Sable Square). The company differentiates through embedded solar PV infrastructure across its properties and offers a SpearOnline tenant portal for space search and leasing. Spear Reit provides hands-on asset management, property development (GTX Park George development, Blackheath extension), and acquisition services, targeting JSE-listed entities to SME tenants across 659 tenants.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial Properties Portfolio A portfolio of industrial properties including warehouses, logistics parks and light-industrial facilities across the Western Cape, leased to manufacturing, warehousing, logistics and distribution tenants. The segment represents 67% of Spear REIT's gross lettable area across key nodes such as Cape Town, Paarl and George, and addresses tenant demand for functional premises with yard space, power capacity, security and access to the N1, N2 and R300 transport corridors.
• Commercial Properties Portfolio A portfolio of premium-grade commercial office properties across Cape Town CBD, Century City, Tygervalley and other Western Cape nodes, leased to corporate tenants in financial services, insurance, technology and professional services. The segment represents 20% of Spear REIT's gross lettable area and is anchored by the R960 million Tygervalley Office Portfolio acquisition (three premium-grade buildings, ~28,500 m²) and 2 Long Street in the Cape Town CBD.
• Retail Properties Portfolio A portfolio of convenience and community retail shopping centres across the Western Cape, leased to national retailers, banks, pharmacies, fashion, QSR and fitness tenants. The segment represents 13% of Spear REIT's gross lettable area and includes convenience-retail assets anchored by national chains such as Shoprite, Pick n Pay, Clicks, Mr Price, Pep, Ackermans, Absa, Nedbank, Capitec, KFC and Zone Fitness.
• SpearOnline Space-to-Let Portal An online space-to-let portal enabling prospective commercial, industrial and retail tenants to search available properties across Spear REIT's Western Cape portfolio, view listings and initiate leasing enquiries. Operates as a self-serve channel complementing direct asset management leasing.

Quantifiable outcome

• DIPS growth of 6.02% in FY2026, exceeding 4%-6% guidance
• +5 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor and core.

• Competition Commission of South AfricaminorOthers · 3 July 2026South Africa's competition regulatory authority that approved Spear REIT's R442 million acquisition of Watergate Centre from MPW Cape Properties. Approval granted without conditions on 3 July 2026, removing the final regulatory hurdle for the transaction.
• Ingenuity Property InvestmentscoreStrategic or Co-development Partner · 21 May 2026Leading Cape-based property investment and development company from which Spear acquired a premium grade office portfolio at 1 Sportica Crescent, Tygervalley for R960 million. The portfolio comprises three premium-grade office buildings with approximately 28,500 m² of gross lettable area fully let to blue-chip corporate tenants.
• MPW Cape PropertiescoreStrategic or Co-development PartnerSeller of Watergate Centre shopping centre in Mitchells Plain, Cape Town to Spear REIT for R442 million. The fully occupied shopping centre is anchored by Shoprite and Brights Hardware.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hyprop Investments: SA-listed REIT focused on dominant regional shopping centres. Direct peer in JSE retail REIT space with similar convenience/community mall tenant profile including major SA retailers.
• Vukile Property Fund: SA-listed retail-focused REIT with significant convenience and community centre exposure. Directly comparable as a JSE-listed REIT pursuing similar defensively-positioned retail assets in South Africa.
• Equites Property Fund: JSE-listed logistics and industrial-focused REIT. Comparable as Spear's largest portfolio segment is industrial (67% GLA), with similar warehouse and logistics tenant base across South Africa.
• Emira Property Fund: Diversified SA REIT from which Spear acquired the R1.146bn Western Cape portfolio in 2024. Direct peer with comparable office, retail, and industrial exposure, and counterparty in Spear's largest acquisition.
• Attacq Limited: JSE-listed REIT focused on mixed-use precincts including Waterfall City and office assets. Comparable as a South African REIT with office and retail exposure in major commercial nodes.

Emerging players

• Stor-Age Property REIT: JSE-listed self-storage REIT with national portfolio. Comparable as a niche-focused SA-listed REIT with specialised property strategy, though in a different sub-sector.
• SA Corporate Real Estate Fund: JSE-listed REIT focused on commercial, industrial, and retail properties serving the broader market. Comparable as a smaller SA REIT with similar sector mix, though with national rather than regional focus.

Broad incumbents

• Growthpoint Properties: Largest SA-listed REIT with diversified direct property portfolio across South Africa, Romania, and Australia. Spear's most relevant direct peer as the dominant JSE-listed REIT, although Growthpoint is national rather than regionally focused.
• Redefine Properties: Second-largest SA REIT with diversified portfolio across office, retail, and industrial in South Africa and offshore. Directly comparable as JSE-listed REIT operating across the same property sub-sectors as Spear.

Regional players

• Octodec Investments: Dual-listed (JSE and ZSE) REIT focused on Tshwane (Pretoria) CBD properties. Comparable as a regional-focused SA REIT, though concentrated in Gauteng rather than Western Cape.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/SpearREIT
• YouTubeyoutube.com/@spearreitlimited935
• Facebookfacebook.com/spearreit
• LinkedInlinkedin.com/company/spearreitlimited
• Instagraminstagram.com/spearreitlimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spear Reit