Hyprop’s recovery to take a year
New management team says it can get blue-chip mall owner to soar again in 12 months
Hyprop Investments, the owner of shopping centres including Mall of Rosebank, Hyde Park Corner and Canal Walk, will exit its R4bn rest of Africa operations because of trading difficulties. The company, which has been operating for 30 years, is trying to recover from a slump that has seen its share price drop to a three-year low and its dividend payouts weaken. Hyprop wants to spend the next year repositioning its local and European portfolios by upgrading certain assets and selling others.
Chief investment officer Wilhelm Nauta said the group and its partners on the African continent, Attacq and Atterbury will sell their interests together in the next few months. “This will decrease our loan-to-value and let us focus on investments which offer long-term returns to the fund,” he said. Hyprop’s sub-Saharan African portfolio includes interests in Accra Mall, West Hills Mall and Achimota Retail Centre, all in Accra, Ghana; Kumasi City Mall in Kumasi, Ghana; Manda Hill Centre in L...
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