Enyuka specialist rural retail property portfolio fosters socio-economic transformation and sustainable growth in under served areas

Rural areas 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). It provides access to 24 retail properties held across five provinces of South Africa, providing solutions to largely rural areas.

Futuregrowth provided R558 million in debt funding on this transaction to facilitate OPH’s purchase of Emira’s shares in Enyuka. The potential inputs, outputs, outcomes and impact were assessed, and various factors considered.


  • Financial capital: the amount of debt funding to be provided 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 quality of life, education and healthcare in rural areas
  • Financial inclusion: greater access to financial services for underserved populations

Job creation

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

Supporting local entrepreneurs

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

Environmental initiatives implemented by Enyuka

Bizana sewer plant

The Bizana sewer plant cost R2.5m to install and treats 356kl of water a month. The plant was designed to remove a wide range of contaminants from wastewater, including organic matter, pathogens, chemicals and solids. In a process of biological treatment, beneficial microorganisms play a crucial role in breaking down organic matter and pollutants, and transforming contaminants into less harmful substances.

Alberton solar plant

Solar power is a critical resource in mitigating the effects of both climate change and loadshedding, reducing dependence on the grid. Alberton Mall has a 350kW grid-tied solar PV system which has produced over 5 million kWh since its installation. It’s estimated that this has offset over 3 million kg of CO2 – as much as 1 710ha of trees. An additional 388kW 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 to ensure a sustainable and environmentally friendly energy supply for future generations.

Recycling initiatives

Certain shopping centres collaborate with local recycling facilities and waste management companies to ensure that materials are collected, properly sorted and processed. 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 supports thousands of jobs in the formal and informal sector. Approximately 5.1t of waste is recycled annually.


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.

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