Hyprop buys two shopping centres in Croatia through co-owned Hystead
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...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.