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Specialist rural retail property portfolio: Enyuka Property Holdings

  • 2 February 2024
  • 7 min read

Rural areas in South Africa often face challenges in accessing essential goods and services due to limited infrastructure and economic opportunities. Enyuka Property Holdings (Pty) Ltd (Enyuka) is a specialist rural retail property portfolio established in 2016 through a 50/50 joint venture between Emira Property Fund Ltd (Emira) and OneEighty Property Holdings (OPH), providing access to 24 retail properties held across South Africa, providing solutions to largely rural areas. Futuregrowth provided R558m debt funding on this transaction to facilitate OPH's purchase of Emira’s shares in Enyuka.

We assessed the potential inputs, outputs, outcomes, and impact of providing debt funding to this specialist rural retail fund in South Africa and considered various factors.

Providing debt funding


  • Financial Capital: The amount of debt funding to provide to the rural retail fund.

  • Human Capital: The skills of the management and staff who run this fund.

  • Technical Expertise: The operator’s knowledge of the rural retail market.

  • Regulatory and Legal Framework: Compliance with South African financial regulations and laws.

  • Risk Assessment: An understanding of the unique risks associated with the rural retail sector in South Africa.


  • Capital Deployment: Investment in rural retail operations and infrastructure.

  • Job Creation: The number of jobs created through the growth of the rural retail businesses.

  • Increased access: Improved access to essential goods and services in rural areas.


  • Economic Development: Increased economic activity in rural areas, contributing to local development.

  • Community Empowerment: Improved socio-economic conditions and quality of life for rural inhabitants.

  • Sustainability: The retail fund’s consequent ability to generate returns to repay the debt.


  • Improved Rural Development: Enhanced livelihoods, infrastructure, and living standards for rural communities.

  • Reduced Poverty: A decrease in rural poverty levels through job creation.

  • Economic Diversification: Creation of a more diverse and resilient rural economy.

  • Societal Transformation: Positive changes in the quality of life, education, and healthcare in rural areas.

  • Financial Inclusion: Greater access to financial services for underserved populations.

Geographical & rural impact

Enyuka Retail Property Holdings has 24 retail properties held across 5 provinces in South Africa, providing the benefits to largely rural areas.

Geographical & rural impact Rural development exposure

Job creation

As at 1 October 2023, Enyuka Property Holdings had created 4 337 jobs in its retail centres.

Enyuka Property Holdings job creation

Supporting local entrepreneurs

The Enyuka rural retail property portfolio has built 26 open stalls for hawkers. This provides hawkers with a dedicated space under cover, and each stall has a lockable locker. This helps to support local entrepreneurs and keeps money within the community, thereby stimulating local economic growth. The hawker stalls create employment for themselves and also for those involved in the supply chain, including food producers, suppliers, and transportation services. Currently, 50 hawkers are accommodated in Bizana and 10 in Turfloop.

Environmental initiatives

Bizana Sewer Plant

The Bizana Sewer Plan cost R2.5 million to install and treats 356 kl of water a month. The plant was designed to remove a wide range of contaminants from wastewater, including organic matter, pathogens, chemicals, and solids. Beneficial microorganisms play a crucial role in wastewater treatment by breaking down organic matter and pollutants. These microorganisms are typically used in a process called biological treatment, which helps clean the water by transforming contaminants into less harmful substances.

Aerobic microorganisms are commonly used in the activated sludge process, which is a widely employed method for biological treatment in wastewater treatment plants. In the activated sludge process, sewage is mixed with a culture of aerobic microorganisms in aeration tanks. These microorganisms feed on organic matter and pollutants in the wastewater, converting them into carbon dioxide, water, and more microorganisms. The air supply ensures that there is enough oxygen for their metabolic processes. This process effectively reduces the concentration of organic compounds and pollutants in the wastewater.

Alberton Solar Plant

Solar power is critically important for both climate change and loadshedding. It is a renewable energy source and reduces dependance on the grid. Alberton Mall has a 350kW grid-tied solar PV system which has produced over 5 million kWh since its installation. It is estimated that this has offset over 3 million kg of CO2 – offsetting as much carbon as 1 710 hectares of trees. An additional 388 kW is set to be installed, which is estimated to produce over 11 million kWh over the next 20 years. This would reduce the national electricity demand by an amount equivalent to powering 750 South African households over the same period.

Investing in solar power today can help ensure a sustainable and environmentally-friendly energy supply for future generations.

Alberton Solar Plant

Recycling Initiatives

Certain shopping centres collaborate with local recycling facilities and waste management companies to ensure that the materials are collected, properly sorted and processed.

Recycling Initiatives

This not only reduces the amount of waste going to landfills but also conserves valuable resources by turning recyclables into new products. The service providers also provide off-site services including monthly reporting on waste and recycling audits. Recycling also supports thousands of jobs in the formal and informal sector. Approximately 5.1 tons of waste is recycled annually.

Impact indicators and SDG contribution

Disclaimer: Impact indicators and SDG contribution as a result of business activities at the time of reporting


This case study demonstrates the impact that investing in a specialist rural retail property portfolio such as Enyuka can have on rural development and economic transformation in South Africa. The portfolio's focused approach, supported by debt financing, has not only improved the livelihoods of rural communities but also fostered sustainable growth in the region. This demonstrates the potential of targeted investments in rural areas to drive positive socio-economic change and financial inclusion.

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