Hyprop acquires 60% interest in two southeastern European malls

Specialist shopping centre real-estate investment trust‚ Hyprop (HYP) has acquired a 60% interest in two southeastern European malls‚ in a bid to grow the company’s footprint in emerging markets.

Serbian mall‚ Delta City Belgrade and Montenegrin Mall‚ Delta City Podgorica have been bought for a total purchase consideration of €202.8m.

Hyprop CEO Pieter Prinsloo said the acquisitions were an attractive investment.

“These acquisitions may be the first of further acquisitions in Central and Eastern Europe and enhance Hyprop’s shopping centre portfolio in SA and sub-Saharan Africa. Hyprop’s objective is to have partial ownership of a high-quality shopping centre portfolio in these regions‚ with a value of approximately €1bn‚ within five years”.

At 11am‚ Hyprop’s share price was down 2.98% to R96.05‚ valuing the company at about R24.1bn.

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