Spear REIT is a South African real estate investment trust (REIT), listed on the JSE.
Headquartered in Cape Town, the company was founded in 2011. As of 2026, Spear has 42 properties in its portfolio, worth a combined R7.17 billion, and covering a gross lettable area (GLA) of over 630,000m².
History
The company was founded in 2011 as Arrow 2 Investments, by Mike Flax, Abu Varachhia, and Quintin Rossi.
Arrow 2 officially incorporated in 2015.
In 2016, the company changed its name to Spear REIT. In November that year, it listed as a real estate investment trust (REIT) on the AltX of South Africa's largest stock exchange, the JSE Limited. It was the first Western Cape region-specific property fund to list on the JSE.
In 2017, following its listing, Spear expanded rapidly, adding approximately R1.4 billion in property acquisitions, and nearly doubling its asset base and market capitalization.
In 2018, Spear transferred its listing from the JSE's AltX to the exchange's Main Board.
By 2021, Spear had begun repositioning its portfolio away from the hospitality industry, announcing plans to dispose of its hotel assets and instead focus on properties providing fixed income streams. As part of this shift, Spear sold the 15 on Orange hotel in Cape Town in 2023, for R246 million. The sale completed the company's exit from the hospitality sector.
Also in 2023, Spear launched GTX Park, a R400 million light industrial development in George, in the Western Cape. The development planned to comprise approximately 30,000m² of industrial space.
In 2024, Spear agreed to acquire a 13-property Western Cape portfolio from Emira Property Fund for R1.14 billion, substantially expanding its presence in the province.
In 2025, the company raised R749 million in new equity and subsequently expanded its portfolio through the acquisitions of Maynard Mall, Consani Industrial Park, and Berg River Business Park. The three properties had a combined value of approximately R1.07 billion.
In March 2026, Spear was included in the FTSE/JSE All Property Index and the FTSE/JSE SA REIT Index, both partner indices between the JSE Limited and FTSE Group.
Operations
As of September 2026, Spear has a total of 42 properties in its portfolio, worth a combined R7.17 billion, and consisting of a combined gross lettable area (GLA) of over 630,000m². That same year, Spear's properties valued at over R200 million each were:
Property Property type Location Gross leasable area (GLA) Value Ref. Mega Park Industrial Bellville, Western Cape 86,066m² R656 million Sable Square Shopping Centre Retail Cape Town, Western Cape 31,089m² R528 million 2 Long Street Commercial Cape Town, Western Cape 25,268m² R497 million Consani Industrial Park Industrial Cape Town, Western Cape 82,942m² R482 million Maynard Mall Retail Cape Town, Western Cape 25,097m² R460 million Bravo Park Industrial Cape Town, Western Cape 40,331m² R311 million 1 Waterhouse Place Commercial Cape Town, Western Cape 11,963m² R296 million Boundary Terraces Commercial Cape Town, Western Cape 8,705m² R289 million Northgate Park Commercial Cape Town, Western Cape 16,880m² R275 million The Island Industrial Cape Town, Western Cape 21,542m² R238 million
References