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The Cavaleros Group is marking its centenary with a formal launch of its Portside investment under the group’s ownership and a further acquisition in Cape Town’s central business district. The family-led property investor says it has also acquired the Absa property on Lower Long Street, extending its footprint in the city.
The occasion concerns the group’s ownership and management of its Portside assets, rather than the opening of a newly constructed tower. Portside was completed in 2014. The group’s acquisition in 2025 covered a portion of the building, not the entire tower.
What the Portside acquisition included
In its 2 April 2025 JSE announcement, Accelerate Property Fund disclosed an agreement to sell its proportionate ownership in Portside to Penalten Investments, a subsidiary of Cavaleros Group Holdings, for R580 million. The disclosed assets comprised ground-floor retail, office floors 9–18, 623 parking bays and related common areas.
That announcement described an agreement subject to approvals and transfer. The group subsequently announced the acquisition in 2025 and is now marking its ownership at the centenary event.
For business readers, the distinction matters: the transaction represents an investment in an existing commercial asset, with leasing and asset management central to the group’s strategy.
Leasing and asset management priorities
The group says changes over the past year have strengthened the tenant mix and helped unlock the asset’s potential. The current announcement does not provide updated occupancy, rental income or an independent valuation, so these statements describe management’s assessment rather than quantified investment returns.
Penny Cavaleros, Chief Executive Officer of The Cavaleros Group, said: “Celebrating our centenary at Portside brings together our heritage and our ambitions for the future. We have built our reputation on identifying gaps in the market, recognising potential where others may overlook it and pursuing opportunities with conviction. We never stand still. Once we invest, we keep pushing to realise that potential. That determination and ambition to achieve excellence are what set us apart. Our family remains committed to South Africa, and we continue to put our capital, expertise and energy behind that confidence.”
A second Cape Town CBD acquisition
According to the group, its acquisition of the Absa property on Lower Long Street is its second in the Cape Town CBD. The announcement does not disclose the purchase price, the property’s occupancy or a redevelopment timetable.
Alexi Cavaleros, Director and Head of International Acquisitions, said: “Portside marked our entry into Cape Town’s commercial property market, reflecting our confidence in this world-class city and its long-term prospects. We recognised an opportunity to align the building’s commercial offering and tenant experience with its iconic presence on the skyline. A year into our ownership, we have made meaningful progress in strengthening the tenant mix and unlocking its potential.
“As global companies increasingly recognise Cape Town’s appeal, we see growing opportunity to provide premium commercial space for local and international businesses. Our acquisition of the ABSA property on Lower Long Street builds on that foundation. We are actively pursuing opportunities to expand our footprint in the Western Cape and across the African continent, focusing on investments where our expertise and approach can create lasting value.”
These expansion ambitions are the company’s stated plans; no additional African transactions are announced in the supplied release.
From shopfitting to property investment
Founded in 1926 as a shopfitting business, the group established its property division in 1967. Its portfolio now spans commercial, industrial, retail and hospitality properties in South Africa and the United Kingdom.
The centenary announcement brings that history together with its current Cape Town strategy: investing in established assets and seeking growth through tenant relationships, leasing and active management.
Company information: The Cavaleros Group. This article draws on the company’s supplied announcement and fact sheet, with acquisition scope checked against Accelerate Property Fund’s JSE disclosure. Photographs supplied by The Cavaleros Group.