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HYPROP TO SPEND R57 MILLION ON MALLS TO IMPROVE THE ENTERTAINMENT OFFERING

09 April 2019

[ 9 April 2019] - JSE specialist shopping centre REIT, Hyprop, will continue to invest in ongoing organic growth through further development of its local centres in order to capitalise on global retail and consumer trends.  The lion’s share of the group’s estimated capital expenditure for FY2019 will go to Canal Walk in the Western Cape, where, seizing the opportunity to sail the rising international “foodie” wave, Hyprop will spend c.R58 million to revamp the food court and its outside areas.  The development will also allow for the inclusion of a new attraction -The Ratanga Family Entertainment Centre – which will revive certain of the former successful Ratanga Junction amusement exhibits while in addition introducing new world-class rides.  Prior to the development, Hyprop’s local portfolio is valued at R29.3 billion (December 2018).

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Hyprop raises R4 billion in three months

02 April 2019

JSE specialist shopping centre REIT, Hyprop, has successfully refinanced/raised R4 billion in only three months since December 2018, effectively addressing the concern of Moody’s investor Services Inc. (Moody’s) that the group may be challenged to refinance its R5 billion of debt falling due in the next 18 months. Moody’s cited the concern in support of its decisions, in February 2019, to downgrade Hyprop’s credit and issuer rating.

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Hyprop weathers local headwinds and scoops European wins

01 March 2019

1 March 2019 - JSE specialist shopping centre REIT, Hyprop, grew distributable income 6% on this time last year, resulting in 2.5% dividend growth for the six months to December 2018 (the period). Excluding the poorly performing sub-Saharan Africa portfolio, dividend growth was 6,6%, in line with Hyprop’s prior guidance. The group successfully weathered the local headwinds to deliver 8,8% growth in distributable income from the South African portfolio, and achieved critical mass in the high-performing SEE portfolio which produced double that growth. 

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