CONSUMER spending may well be in the doldrums, but punters who invested in blue-chip mall owner Hyprop Investments in January, when the share price slumped to levels of about R89, are in the pound seats.The stock has rebounded nearly 37% in the past two months, touching levels of R121.70 on Tuesday. That is not too far off the R130 all-time high reached at the end of October. Hyprop’s share price recovery is no doubt partly due to a better-than-expected set of interim results and management’s new offshore expansion strategy.Hyprop delivered a healthy 13.4% rise in dividend payouts for the six months to December, ahead of the market forecast of 10%. Earnings were boosted by the stellar performance of Rosebank Mall in Johannesburg, following a major facelift and extension.The company’s Western Cape properties including Canal Walk and Somerset Mall, achieved double-digit growth in trading densities. That again underscores the notion that shopping centres that cater to higher-end consum...
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