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Eric Ellerine, one of South Africa’s wealthiest individuals, founded Ellerines, a furniture retail company, in 1950 at the age of 16 with £106 in savings.
The first Ellerines store opened in Cyrildene, Johannesburg. His younger brother Sydney, now deceased, joined him in the business two years later.
In 1969, Ellerines became a listed company on the Johannesburg Stock Exchange (JSE). Over the next five decades, Eric and Sydney transformed Ellerine Holdings into one of South Africa’s largest furniture retailers. Remarkably, the company’s growth was primarily organic.
When the brothers retired from managing the company in 2000, Ellerines encompassed hundreds of stores across Southern Africa, divided into five store brands catering to various market segments: Ellerines, Town Talk, and FurnCity (serving lower- to middle-income markets), Bears, Lubners, Geen and Richards, Dial-a-Bed, Mattress Factory, and Furniture City (catering to middle- to upper-income groups), and Wetherleys, Osiers, and Roodefurn Manufacturing (targeting the upper end of the market).
After Eric and Sydney Ellerine sold their shares in Ellerine Holdings, Eric established the Eric Ellerine Trust as his family office. The trust focuses on three main areas of investment: the JSE, property investments, and private equity investments.
The property portfolio includes ownership stakes in iconic buildings such as Canal Walk in Cape Town, The Glen in the south of Johannesburg, and the Fourways Crossing Centre in Fourways, Johannesburg. Eric’s daughter, Dionne Ellerine, manages the family office.
The Eric Ellerine Trust owns the following seven assets:
1. Canal Walk Shopping Center: Canal Walk is the largest shopping center in Cape Town, South Africa. It features more than 400 stores, 7,000 parking bays, numerous restaurants, 12 cinemas, and a game arcade. The shopping center’s design incorporates “Cape Venetian architecture.”
2. The Fourways Crossing Center: Located on the corner of William Nicol Drive, Fourways Crossing is a lifestyle center anchored by Pick ‘n Pay, Sportsmans Warehouse, Viva Gym, Mr. Price Sports, Apparel, and Cotton On. It offers visitors over 90 unique stores and various popular national retailers. Fourways Crossing is easily accessible from major highways and roads and provides 24-hour security.
3. The Glen: Situated off the N12 freeway, The Glen Shopping Centre is a three-level shopping destination in Johannesburg South. It offers exquisite shopping walkways, indoor and outdoor dining with views of an open-air garden terrace.
4. 35 Lower Long Office Building (Cape Town CBD): This elegant 86-meter glass-clad office tower is in Cape Town’s Central Business District. Developed by Abland Property Developers and designed by dhk Architects, the building features a distinctive, non-orthogonal design and contributes to Cape Town’s skyline.
5. Shareholding in Sabvest Capital Limited: Eric Ellerine holds a 9.52-percent ownership stake in Sabvest Capital Limited. The company, listed on the JSE in 2020, focuses on industrial and service businesses, often co-invested with family, management, or financial partners. Sabvest Capital engages in various investment activities, including finance advances and holding listed debt, equity, and cash portfolios. Ellerine’s stake is valued at ZAR281.4 million (approximately $15 million).
6. Shareholding in Newpark REIT Limited: Through Ellwain Investments (Pty) Ltd, Ellvest Proprietary Limited, and Ellerine Group Investments Proprietary Limited, the Ellerine family owns a 64.59% stake in JSE-listed Newpark REIT Limited. The real estate investment trust focuses on mixed-use, office, retail, and industrial properties. The family’s stake is valued at ZAR290.6 million (approximately $15.5 million).
7. Capricorn Capital Partners: The Eric Ellerine Trust is a Limited Partner and anchor shareholder of Capricorn Capital Partners, a South African private equity firm specializing in financial services providers. Capricorn typically acquires ownership stakes ranging from 25% to 80% in the companies it invests in. The firm’s portfolio includes investments in companies such as Izwe Saving and Loans, Westbrooke Alternative Asset Management, and Prime Meridian Direct.
