Enyuka doubles portfolio in Major Retail realignment

Top 3 Key Takeaways

• Portfolio value rises to R3.5bn after strategic asset transfer
• Grocery-anchored centres drive resilient income in growth nodes
• ESG focus includes solar, boreholes, and long-term community uplift

Who Is Enyuka Prop Holdings?

Enyuka Prop Holdings is a R3.5 billion unlisted community retail property fund co-owned by ONE Property Holdings, Mpande Property Fund, and Trinitas Private Equity. The fund specialises in grocery-led, high-footfall retail centres in peri-urban and township areas across South Africa.

Enyuka was established to create institutional-grade real estate assets with long-term income potential and meaningful community impact. Its portfolio features staple-driven shopping centres anchored by national retailers and essential service providers, and it aims to become a non-listed REIT when the legislative framework allows.

With deep property development and asset management experience embedded across its shareholder base, Enyuka combines strong operational capacity with a focused investment strategy geared toward stable cash flows, strategic growth, and scalable impact.

The Strategic Shift That Transformed the Fund

‍Enyuka’s recent acquisition of six established shopping centres from ONE Eighty Holdings has more than doubled its gross asset value, from R1.8 billion to R3.5 billion. These are well-performing, income-generating properties located in densely populated, under-served areas, further modernised and upgraded in preparation for the transfer.

This realignment is more than a portfolio reshuffle, it consolidates quality assets under a single, focused platform to enhance operational efficiency, strategic clarity, and investor confidence.

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“This positions Enyuka as a leading community retail fund with scale and investment-grade assets,” said Chris van Reenen, Group CEO of ONE Property Holdings.

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A R2.1 billion funding package was arranged via a syndicate including Nedbank CIB (lead), RMB, Futuregrowth, Absa, and Taquanta, further reducing the cost of capital and bolstering the fund’s financial strength.

Long-Term Thinking, Community Focused

‍Enyuka’s asset management approach includes significant ESG integration, such as:

• Solar PV systems installed at two-thirds of centres
• Water resilience via boreholes and on-site treatment
• Public water collection points serving surrounding communities

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“These are not just places to shop, they are long-term community assets,” added van Reenen.

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This community-centric, sustainability-driven approach enhances resilience and aligns with investor expectations around responsible capital deployment.

The Way Forward: Growth, Impact, and Leadership

‍With the fund now operating at greater scale and clarity, the path is set for selective acquisitions and continued yield optimisation.

• The team is actively seeking new centres that align with its profile
• Non-core asset disposals will continue to recycle capital efficiently
• Stakeholders remain committed to improving yield and income growth

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“With the right assets, structure, and strategy, Enyuka is poised to become one of South Africa’s most recognised names in unlisted retail real estate,” said John Stipinovich, co-founder of Trinitas Private Equity.

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As retail dynamics continue evolving, Enyuka’s disciplined, community-first model places it in a strong position to deliver real-world impact alongside consistent investor returns.