Nedbank Corporate and Investment Banking (CIB) was proudly appointed as the sole mandated lead arranger and bookrunner (MLAB) for a landmark deal with Enyuka Property Holdings (Pty) Ltd. Our role extended beyond arranging the debt raise. We also secured the facility agency mandate, reinforcing our position as Enyuka’s trusted financial partner.

This appointment reflects our deep expertise in investment management and property finance, especially in niche and unlisted markets.

What is the Enyuka deal?

Enyuka Property Holdings (Pty) Ltd, a specialist in rural retail property, has successfully raised R2.1 billion in senior and junior funding to acquire mature assets from OneEighty Holdings (Pty) Ltd and refinance existing debt.

This strategic transaction expands Enyuka’s asset base and simplifies its corporate structure, making it more attractive to institutional investors and positioning it for sustained capital growth.

‘The transaction is a major step forward in positioning Enyuka as an investment-grade fund that specialises in quality, grocery-led community retail centres,’ said Joshua Medalie, Head of Group Finance and Structure at ONE Property Holdings. ‘It also reflects our commitment to the underserved value market in towns and peri-urban areas across South Africa, where our centres provide both convenience and a strong tenant offering to local communities.’

How the R2.1 billion raised supports rural retail development

This funding unlocks significant potential for rural development across South Africa. Enyuka’s portfolio of 28 retail properties serves communities with limited infrastructure and access to essential goods. These shopping centres are more than commercial hubs; they catalyse economic development, job creation, and social upliftment in underserved areas.

‘This transaction demonstrates our confidence in the growth potential of community and convenience retail in underserved areas. We are proud to support Enyuka in delivering high-quality, income-generating assets that meet both investor and community needs. The syndication garnered significant market appetite, underscoring the market’s confidence in Enyuka’s strategy,’ said Sandi Mda, Principal of Syndications and Distribution at Nedbank CIB.

Why institutional investors are backing Enyuka

Institutional investors are increasingly drawn to Enyuka’s model due to its proven track record in delivering stable returns and its strategic focus on rural South African property. The recent syndication expanded the senior lending pool from 3 to 5 investors, including 2 institutional players. Their participation signals strong investor confidence in Enyuka’s growth trajectory and the broader potential of rural retail assets.

Each retail centre financed through this deal contributes to local infrastructure and job creation. These centres bring essential services, retail opportunities, and employment to communities that need them most, driving both social and economic impact.

The strategic value of property finance in rural SA

Property finance in rural South Africa is not just about buildings; it’s about building communities. By financing retail centres in these regions, Nedbank CIB helps bridge the gap between urban and rural economies, fostering inclusive growth and infrastructure development. This deal exemplifies how targeted investment can drive meaningful change.

Our journey with Enyuka began years ago, evolving from a joint arranger role in 2023 to a sole arranger role in 2025. This progression reflects the strength of our relationship and our commitment to a long-term partnership. We don’t just finance deals, we co-create growth strategies with our clients, ensuring alignment and shared success.

Unlocking liquidity in unlisted property markets

Unlisted property markets often face liquidity constraints. Nedbank CIB’s ability to facilitate funding in this space demonstrates our market leadership and credibility. By committing R546 million of our own capital, we are signalling a strong belief in the deal, encouraging co-investors and unlocking liquidity where others see barriers.

Syndicated loans are a powerful tool for scaling real estate portfolios. In Enyuka’s case, syndication enabled access to diverse funding sources, reduced risk, and enhanced investor participation.

Our Syndication and Distribution Team managed the process seamlessly, earning exceptional feedback from the client.

Market leadership and credibility

Being the sole lead on a complex, unlisted transaction positions Nedbank CIB as a specialist in property finance. Our ability to navigate intricate deals and deliver results sets us apart in the investment banking landscape.

Our substantial capital commitment to the deal reassures investors and demonstrates our confidence in Enyuka’s vision. This kind of leadership galvanises market participation and strengthens the investment case.

Building deep client relationships

Nedbank CIB’s involvement in this transaction highlights our role in facilitating liquidity in traditionally illiquid markets. We open doors for growth, enabling clients to scale and attract further investment.

At the heart of this deal is trust. Enyuka’s decision to appoint Nedbank CIB as sole arranger reflects years of collaboration, shared goals, and mutual respect. We’re proud to be more than a financier; we’re a strategic ally in their journey.

Sbu Luthuli, Chief Executive of Mpande Property Fund, concluded: ‘This is an important milestone in the evolution of Enyuka, and we are proud of what the team has achieved. With the right assets, structure, and strategy, the fund is now well positioned to grow into one of South Africa’s leading names in unlisted retail real estate.’