The Competition Tribunal has approved the sale of Table Bay Mall to the JSE-listed Hyprop for R1.6 billion.
Table Bay Mall, spanning 67,500 square meters, is situated in Sunningdale on Cape Town’s West Coast.
Hyprop has expressed confidence in the area's potential for growth, citing residential developments driven by semigration to the Western Cape.
Additionally, the mall benefits from its proximity to a high-growth node, with plans to construct between 5,000 and 7,500 more residential units in the surrounding area over the next decade.
Furthermore, the demographic of the area consists mainly of medium to high-income earners, the group said.
The only remaining CP (conditions precedent) is the transfer of the property to Hyprop, which is anticipated to take place in mid-March 2024, the property group said in a statement on Monday (4 March).
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