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Popular Western Cape mall expanding to cater for semigrants

Staff Writer
Estimated reading time: < 1 minute

Hyprop Investments, South Africa’s largest listed specialised shopping centre Real Estate Investment Trust (REIT), has published an operational update for the five months ending May 31, 2024, noting steady progress in meeting its FY2024 strategic objectives, marked by key acquisitions and portfolio enhancements.

Hyprop successfully acquired Table Bay Mall near Blouberg, in March for R1.6 billion, expanding its footprint in the Western Cape.

Additionally, the company has received internal approvals to expand Somerset Mall by an additional 5,400m² of GLA. Somerset Mall is a 69,000 m² shopping mall situated alongside the N2 freeway, serving towns that have seen an influx of semigrants in recent years, including Somerset West, Stellenbosch, Gordon’s Bay and Strand, in the Western Cape province of South Africa.

Hyprop’s overall operational performance has seen significant improvement, attributed to its repositioning strategy in South Africa (SA), effective tenant mix, and increased footfall across SA and Eastern Europe (EE) portfolios.

South Africa Portfolio Highlights (to May 31, 2024):

Notable Developments in Key Malls:

Hyprop said its balance sheet remains robust, with a healthy liquidity position. The acquisition of Table Bay Mall was financed utilising R500 million of available cash, R250 million of revolving credit facilities and R900 million raised through the issue of two unlisted bonds.

Share in Hyprop are down a little over 2% in the year to date.

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