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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now