Hyprop expects to get R4bn from Africa sales as it tackles debt
Hyprop’s shares have lost about a fifth of their value since Moody’s downgraded it in February because of its debt structure
Hyprop Investments, the owner of Rosebank Mall, Hyde Park Corner and Canal Walk, says it could fetch R4bn by selling its investments in the rest of Africa as it looks to settle its dollar-denominated debt.
Hyprop has taken a hit on its rest-of-Africa investment, having impaired that business by R1.1bn earlier in 2019. In May, the real estate investment trust’s (Reit’s) chief investment officer, Wilhelm Nauta, said Hyprop and its partners, Attacq and Atterbury, who have co-invested in malls on the continent in a fund called AttAfrica, would together sell their interests in 2019.