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Voluntary Announcement: Spear To Develop Mambos Storage & Home New Flagship National Distribution Centre
SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
("Spear" or "the Company")
VOLUNTARY ANNOUNCEMENT: SPEAR TO DEVELOP MAMBOS STORAGE & HOME NEW FLAGSHIP
NATIONAL DISTRIBUTION CENTRE
Western Cape-focused real estate investment trust Spear REIT has concluded a long-term agreement with
Mambos Storage & Home to develop the retailer's flagship 7,150 m² distribution centre in Blackheath, Cape
Town.
Mambos has grown into one of South Africa's leading retail and wholesale distributors of storage, homeware
and related lifestyle products. The company currently operates 22 stores nationwide and is advancing plans
to expand its national footprint in the near term.
The new national distribution centre will enhance Mambos' operational capacity and support the group's
growing national retail footprint from its purpose-built Blackheath base, which will also house the company's
head office and supply chain operations.
According to James Bylos, Head of Leasing at Spear REIT, the project reflects the value of long-term tenant
relationships and Spear's proactive approach to supporting tenant growth.
"This development is the result of a longstanding relationship and a clear understanding of where our tenant's
business is headed. We have worked closely with Mambos throughout the planning process and are pleased
to support the next phase of their growth trajectory," says Bylos.
"Businesses should not be constrained by the space they occupy. As operational requirements evolve, our
objective is to ensure our properties evolve with them. That approach allows our tenants to focus on growth
while ensuring our portfolio continues to meet the demands of a changing market."
The expansion will provide additional warehousing capacity, improved logistics functionality and upgraded
operational infrastructure to support increased volumes, enhance distribution efficiencies and enable future
growth.
Demetre Nikolopoulos, Chief Executive Officer of Mambos Storage & Home, says the new distribution centre
will strengthen the core foundation of the business and provide the capacity needed to respond to an ever-
evolving customer base. "We look forward to continuing our strong and long-term partnership with Spear as
we transition from one Spear real estate solution to another in support of Mambos' ongoing growth."
"The Blackheath property plays a critical role in our business, serving as both our head office and national
distribution hub. As we continue to grow, additional capacity and operational efficiencies become increasingly
important. Spear has taken the time to understand our requirements and develop a property solution that
supports our long-term national expansion plans."
Quintin Rossi, Chief Executive Officer of Spear, says, "The investment comes at a time of sustained demand
for well-located industrial property across the Western Cape. Blackheath continues to demonstrate strong
industrial demand, supported by its strategic location, access to major transport routes and proximity to Cape
Town International Airport. We are proud of our long-term association with Mambos Storage & Home and its
shareholders, and we look forward to delivering a world-class distribution facility that will serve as a growth
accelerator for Mambos."
Blackheath continues to experience heightened demand from logistics, warehousing and distribution
operators, with distribution centres remaining among the most active segments of the Cape industrial market.
Limited availability of appropriately zoned land and quality industrial stock, combined with ongoing occupier
demand, has reinforced Blackheath's position as a key industrial and logistics hub within the Western Cape.
Rossi concludes, "This new development forms part of Spear's active asset-management strategy to unlock
embedded value in an earnings positive manner within our core portfolio in a manner that consistently
enhances the growing regional portfolio while maintaining long-term, sustainable income streams. With
development costs at circa R90 million, the development reinforces the group's commitment to investing in its
existing portfolio while enabling tenant expansion in a high-performing Western Cape industrial precinct."
Development works commenced on 1 August 2026, with completion anticipated in mid-2027. Once complete,
the expanded facility will significantly enhance Mambos' warehousing and distribution capabilities, supporting
the company's continued growth across South Africa.
Cape Town
11 August 2026
Sponsor
PSG Capital
Date: 11-08-2026 09:35:00
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