Latest news with #HDPs
The South African
2 days ago
- Business
- The South African
New era for Cape Town commuter mall as Golden Acre sels for staggering amount
For decades, the Golden Acre Shopping Centre has been the heartbeat of Cape Town's transport hub, welcoming thousands of commuters daily from the train station, taxi rank and bus terminus. For many, it's the place where they grabbed their first takeaway lunch from KFC, bought school shoes at Ackermans, or browsed CDs at Musica. Now, the city's most famous commuter mall is changing hands, and with that, the promise of a long-awaited facelift. The deal sees Putirex (Pty) Ltd and 11 Adderley Properties buying not only Golden Acre but also the adjoining Grand Parade Shopping Centre and the neighbouring 11 Adderley Street building for R781 million. It's one of the largest retail property transactions in Cape Town's CBD in years. While Golden Acre remains a hive of activity, the building has seen better days. Ageing infrastructure, dated interiors, and visible wear have left it feeling run down in parts: a far cry from the polished landmark it was when it first opened in 1979. For the thousands who pass through daily, the planned upgrades could breathe new life into a space loaded with both history and sentiment. The R781 million sale includes more than 55,000m² of retail and office space across three linked properties. The Golden Acre and Grand Parade are classified as a retail community centre with B-grade office space, while 11 Adderley Street offers A-grade offices alongside ground-floor retail. The Competition Commission approved the transaction in February 2025, concluding that it would not significantly lessen competition in any market. As part of the approval conditions, Putirex has committed to procuring certain services from historically disadvantaged persons (HDPs). Golden Acre was built by Sanlam in the late 1970s on the site of Cape Town's original train station. During construction, workers uncovered remnants of a 17th-century storage dam, a piece of history hidden beneath the CBD for over 300 years. The centre opened in 1979, becoming the first shopping mall built in the heart of a South African city. In 2009, it absorbed the Grand Parade Shopping Centre, adding over 10,000m² of shop space and expanding its office footprint to more than 22,000m². The merger brought in an array of popular stores and takeaways, from McDonald's to Sportscene, cementing its role as a commuter favourite. Putirex is already working on plans to redevelop the 110-metre-high Golden Acre Tower and modernise the retail areas. While exact details are still under wraps, early indications suggest a mix of structural upgrades, improved aesthetics, and possibly new anchor tenants to freshen up the tenant mix. If done right, the redevelopment could restore Golden Acre's reputation as a vibrant city landmark while also addressing current maintenance and safety concerns. Given its location at the intersection of Cape Town's major transport nodes, the ripple effects could be felt well beyond its doors. The sale of Golden Acre aligns with a broader trend of significant infrastructure investment in Cape Town. According to a recent report, the City of Cape Town set a new record by spending R9.5 billion on infrastructure projects in the 2024-2025 financial year, the highest amount ever for any South African metro. This substantial investment, which saw a 92.3% capital budget spend performance, is aimed at boosting the city's long-term resilience and economic growth. Golden Acre isn't just a shopping centre. It's part of Cape Town's collective memory. For generations, it's been the backdrop to careers, first dates, hurried lunch breaks, and everyday errands. Its central location and accessibility have made it an anchor point for working-class commuters and city shoppers alike. Upgrading the centre could revitalise the surrounding CBD, increasing foot traffic, improving safety, and potentially attracting new investment into the area. Ash Müller, a property media professional based in Cape Town, said: 'I also know that the new owners are working with a lot of the neighbouring landlords in the area and the City of Cape Town to upgrade the surrounding area. This would be so welcomed as this part of town could use some TLC.' The challenge will be balancing modernisation with the affordability and convenience that have kept Golden Acre relevant for over four decades. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 11. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
18-07-2025
- Business
- IOL News
Lights, camera… cut as local TV fears fading out
Veteran actor and chairperson of the South African Guild of Actors, Jack Devnarain, voices concern over the Canal+ and MultiChoice merger during the Competition Tribunal hearings, warning that local creatives - particularly actors - risk being sidelined in an already unregulated industry. Image: Supplied Local creatives fear being sidelined as French media giant Canal+ moves to merge with MultiChoice - a deal that could reshape South Africa's TV industry and put local jobs and content at risk. Actors, filmmakers and industry bodies say the deal lacks clear guarantees for local content production, fair pay, and intellectual property rights, warning that without regulation, foreign control could come at the cost of local voices. The Competition Commission Tribunal hearing this week, will focus on public interest clauses of the merger, especially around commitments to support local content creators and historically disadvantaged persons (HDPs). Regulators and commissioners sought to understand how local content creators and HPDs will be supported under the merged entity. Canal+ and MultiChoice had committed to obligations to continue procuring goods and services from a diverse group of beneficiaries, including HDP firms, small and medium enterprises (SMMEs), and South African content creators. Concerns were raised during Thursday's hearing on whether the wording under Clause 7 of the merger conditions was explicit enough to assure beneficiaries - particularly local content producers - that they are covered under the commitments. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ The Competition Tribunal panel also queried Canal+ and Multichoice on the basis for monetary commitments related to local content procurement and HDP participation. However, specific amounts set for this by the merging parties remain confidential, although they explained that these figures were derived from historical and projected expenditure data covering a three-year period. They said they had made financial commitments to reflect average spend based on past and future spending to ensure that support for local content and HDP firms is maintained - not diminished - after the merger. 'To be clear, these are not additional or new commitments - they are meant to safeguard ongoing procurement activity, especially given that there was no certainty these would continue if the merger didn't proceed,' explained the merging parties.' These commitments are part of a broader set of public interest conditions tied to the merger, designed to ensure that local economic development, transformation, and content diversity are not compromised by foreign control of one of Africa's largest media platforms. However Jack Devnarain, veteran actor and chairperson of the South African Guild of Actors, said they didn't have any expectations of Canal+ which was here to 'play the game' in an unregulated industry, which he believes was a 'huge attraction' for them. 'From the actor's point of view, we are always suspicious of mergers such as this because typically, given that we are in an unregulated industry, it means that actors are the last to get any benefit whatsoever from the transaction. 'We are the last to have our rights protected in any way, and we are deeply concerned that while all this content is going to find a new home, that actors are going to be left without new opportunities for work.' Devnarain said that Ideally they would like to engage with Canal+ on various issues like a new contractual agreement in which they can secure commercial exploitation fees in contract, and even if old content is re-versioned and dubbed, that actors will receive some residual income. 'We're not optimistic about that at all, simply because we know Africa, African content, African filmmakers and broadcasters are typically the ones to be exploited when it comes to the arrival of the European or American broadcasters or streamers. The Global North has always sought opportunities to exploit the content opportunities emanating from the Global South and Africa has always been ripe because we are incredibly diverse in our linguistic content, in the cultural content and in the incredible locations that we have.' Devnarain described it as a new form of colonisation where international conglomerates and corporate players from the Global North find wonderful opportunities in the Global South, and again exploit the talent that comes out of South Africa and Africa, without compensating them. The merger between Multichoice and Canal+ will be subject to a restructuring exercise under to ring-fence MultiChoice's licensed broadcasting entity, MultiChoice (Pty) Ltd. This unit will be hived off into a standalone company, LicenseCo in line with local regulatory requirements. After settlement of the merger, the combined group will have no interest or control in LicenseCo. However, details of the this carve-out structure for LicenseCo remain confidential. LicenceCo will be majority-owned by previously disadvantaged and black economic empowerment companies, with MultiChoice Group holding a 49% interest. Canal+ has however previously said that it was still engaging with Phuthima Nathi which has been earmarked to hold a 27% interest in LicenceCo although the board has already given its support for the transaction. Black-owned and managed companies, Identity Partners Itai Consortium and Afrifund Consortium, have also been roped into LicenceCo, bringing 'highly experienced leaders' with 'great commercial and industry' knowledge. Regulators are expected to consider these clarifications as they finalize their decision on whether the merger may proceed under South Africa's competition and public interest laws. The merger awaits final regulatory and competition approvals. Denvnarain said they are concerned that work that was already produced would be dubbed and sold to new markets and the actors not compensated for it. 'Because those rights didn't exist under the MNet or KYKNet agreements, we don't expect that Canal+ is going to come into South Africa and acknowledge rights that our own South African broadcaster refused to give us. So, we don't see the upside as actors unless we are creating new content for the new owners under a new contractual regime where we are able to secure commercial exploitation rights. 'And again, it's unheard of to secure commercial exploitation rights in a contract if your industry itself is an unregulated industry.'
The Citizen
26-05-2025
- Business
- The Citizen
MultiChoice acquisition by French company: Go-ahead suggested but with 3-year halt on job cuts
MultiChoice acquisition by French company: Go-ahead suggested but with 3-year halt on job cuts The Competition Commission has recommended that the Competition Tribunal approve the proposed acquisition of MultiChoice by Groupe Canal+ SAS, subject to certain conditions such as halting any possible job losses because of the merger by three years. This recommendation comes after the commission's investigation into the large merger notification submitted last year on September 30. The investigation was launched to determine whether the merge will lessen or prevent competition in the concerned market. The commission, an agency of the of the Department of Trade, Industry and Competition, is one of three independent statutory bodies established in terms of the Competition Act to regulate competition between firms in the market. The proposed merger explained Canal+, along with its ultimate controllers and the companies they control (the acquiring group) is a French media and entertainment company involved in the production, commissioning, and supply of audiovisual content, the provision of advertising services, development of video games and publication of books. LicenceCo is a proposed company within the merged group, containing local license rights and subscribers, which will broadcast content through DStv. Meanwhile, the Target Group provides audiovisual content via its streaming service, Showmax. 'The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market. Conditions recommended for merger 'However, in recognition of the important role played by the Target Group within the broader audiovisual ecosystem in South Africa, and to address public interest concerns raised by various stakeholders, the commission has recommended approval of the merger subject to a number of conditions,' the commission said. The conditions include, but are not limited to: addressing employment concerns, increasing the shareholding of historically disadvantaged persons (HDP) and workers in Orbicom and LicenceCo committing to supplier development, ensuring the merged entity continues to operate from South Africa, promoting a diversity of television news, and encouraging export activities. According to the commission, the parties involved in the merger have agreed to a three-year moratorium on layoffs following the merger implementation date. Involved parties commits to keeping MultiChoice in SA 'The merger parties have also committed that the majority of LicenceCo's shareholders will be HDPs and workers. Moreover, the parties have agreed to continue certain corporate social responsibility initiatives such as skills development in the audiovisual industry and sports development.' Canal+ has committed to ensuring that MultiChoice remains incorporated and headquartered in South Africa, promotes exports, and seeks a secondary inward listing on the Johannesburg Stock Exchange. The merged entity has also made supplier development commitments that include expenditure on local audiovisual content, the promotion of South African audiovisual content in new markets, and procurement from HDPs and small, medium and micro enterprises. 'Finally, the parties have agreed that LicenceCo will continue to procure local news content for DStv and will ensure the diversity of the news content it broadcasts.' Multi-billion rand value projected The total value of all the public interest commitments advanced by the merger parties based on past spend by MultiChoice is projected at a total amount of about R26b over the next three years. 'In large mergers, the commission is required to assess and to ultimately make a recommendation to the tribunal. The commission is satisfied that the conditions attached to this merger sufficiently address the concerns raised during the investigation. 'The matter is now before the tribunal for a final determination,' Deputy Commissioner Hardin Ratshisusu explained. – At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
