Hyprop sells Zambian mall as retreat from investment in Africa gains momentum
The shopping centre owner will also sell the remaining African malls in which it has a stake
Hyprop Investments, the owner of Rosebank Mall, Hyde Park Corner and Canal Walk, has sold its stake in a Zambian shopping centre as part of its plans to reduce its exposure to the rest of Africa.
Hyprop has taken a hit on its investment in the rest of Africa, having impaired that business by R1.1bn earlier in 2019. It recently announced plans to cut its losses and sell those interests.
Hyprop said on Monday it and associate company AttAfrica had agreed to sell Zambia’s Manda Hill shopping centre, a 42,000m² mall they jointly own.
Hyprop, which is grappling with a debt burden that ratings agency Moody’s Investors Service says is too high, said it would use the proceeds to settle a portion of its US dollar-denominated debt.
“Hyprop is in discussions with several parties regarding the disposal of the remaining African shopping malls in which it has interests,” it said.
In June, AttAfrica, which is 37.5% owned by Hyprop, agreed to sell its interest in Ghana’s Achimota centre.