Hyprop Investments has continued its offshore push by acquiring an interest in two shopping centres in Croatia. Hyprop and its partner PDI Investment Holdings co-own Hystead, which announced it had acquired a 90% interest in City Centre one West and City Centre one East in the capital Zagreb. The purchase consideration net of €154.4m asset-based finance is €129.1m, of which Hyprop’s effective share is approximately €77.5m, or R1.12bn. The transaction is conditional on approval by the Croatian competition authority and is expected to close at the end of March 2018. Hyprop’s south-eastern Europe strategy is to acquire dominant shopping centres through Hystead. Hyprop has a 60% interest in Hystead and PDI, a company associated with Louis Norval, a non-executive director of Hyprop, holds the remaining 40%. After the completion of this transaction Hystead will own six shopping centres in five countries, with a gross asset value exceeding €740m. Hyprop wants to secure a separate listing o...

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