Hyprop’s SA and East European portfolio remains on growth trajectory

Specialist retail property fund Hyprop Investments’ portfolios  continued their growth trajectory in the first half, with “sturdy trading performances”. the group said.

Hyprop, which operates in SA and Eastern Europe, said its key trading metrics for the SA portfolio, which included tenants’ turnover, trading density and foot count, showed positive growth in the six months to end-December. Trading density rose about 6% in November and December.

“The sustained growth is a result of our continuing efforts to enhance the relevance and competitiveness of our nine centres,” it said.

Its SA portfolio includes Canal Walk, Table Bay Mall and Capegate in the Western Cape, and Clearwater Mall, Rosebank Mall and Hyde Park Corner in Gauteng.

Its SA tenants’ turnover was up 4.9% to R14.75bn in the period, with trading density rising 4.4%. Foot count rose 0.4% to 44.96-million.

Eastern Europe tenants’ turnover and trading density enjoyed strong growth, which highlighted the centres’ dominant market positions and relevance, Hyprop said.

Tenants’ turnover was up 8.8% to R336.9m, with trading density rising 7.2%. Foot count rose 0.8% to 14.1-million.

Hyprop noted that the foot count was affected by the non-working Sundays Trade Act in Croatia, which allowed retailers to operate on only 16 Sundays per calendar year and prohibited trading on public holidays.

The group’s portfolio in Eastern Europe includes City Center One Zagreb East and City Center One Zagreb West in Croatia, Skopje City Mall in North Macedonia and The Mall in Sofia, Bulgaria.

Hyprop, which is valued at almost R17bn on the JSE, will release its interim results on March 13.

mackenziej@arena.africa