Hyprop’s strategy is to invest in high-quality shopping centres in emerging markets. This strategy includes extension and refurbishment opportunities to our portfolio.
Developments in South Africa Portfolio
We continued to enhance our existing portfolio, spending R178 million during the period on capital projects, replacing equipment and tenant installations. Included in our equipment spend was the cost of upgrading security systems at all our malls, installing additional generators at some malls, and installing smart-metering systems across our retail portfolio.
Completed projects are summarised below, while extensions are planned for Canal Walk and Rosebank Mall at an estimated project cost of R167 million. Key projects during the year included:
|Extensions and developments completed|
|Somerset Mall||Woolworths extension, food court upgrade, tenant relocations|
|Clearwater Mall||H&M extension|
|Somerset Mall||Extension to accommodate a large H&M store — opening October 2016|
|Atterbury Value Mart||Checkers — opening November 2016|
Customer security at our shopping centres remains a priority and, in line with our security strategy, we have installed up-to-date technology with improved results.
There are a number of masterplan expansion opportunities at some of our shopping centres, although implementation depends on planning approvals by local councils and the commitment of key tenants.
Developments in sub-Sahara Africa Portfolio
In Sub-Saharan Africa construction is underway on Kumasi City Mall (Kumasi, Ghana) which is expected to open in April 2017. Achimota Mall located in Accra, Ghana opened in October 2015. Accra Mall’s (Accra, Ghana) food court was redeveloped and a 1 000m² extension was completed in April 2016, cost USD 9,5m.