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Hyprop takes next strategic step in reducing exposure to Sub-Saharan Africa

05 August 2019

5 August 2019 – JSE specialist shopping centre REIT, Hyprop, today announced the sale of Manda Hill Shopping Centre located in Lusaka, Zambia. The 42 000m² mall, owned 50% by Hyprop Investments (Mauritius) Limited and 50% by AttAfrica Limited, was sold at the December 2018 carrying value. The disposal is in line with Hyprop’s strategy communicated to the market at interims in March this year, where it stated its intention to reduce its exposure to sub-Saharan Africa excluding South Africa (“SSA”) to focus its attention and capital on its South African and Eastern European (“EE”) businesses. 

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HYPROP REDUCES EXPOSURE TO AFRICA AND PROVIDES PRE-CLOSE UPDATE

28 June 2019

[28 June 2019] – JSE specialist shopping centre REIT, Hyprop, today announced progress on its strategy communicated to the market in March this year, where it stated its intention to reduce its exposure to sub-Saharan Africa excluding South Africa (“SSA”) to focus its attention and capital on its South African and Eastern European businesses.  AttAfrica - in which Hyprop owns a 37.5% equity stake - has disposed of its interests in Achimota Retail Centre in Ghana for an undisclosed sum.

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Hyprop's The Mall of Sofia 12 000m² extension complete

25 June 2019

Hystead Limited, which is 60% owned by Hyprop Limited, has successfully completed the 12 000m² extension to The Mall of Sofia, Bulgaria. In line with Hyprop’s strategy to own shopping centres that dominate in terms of size, The extension will add 40 new stores, an increase from 182 to 222, making it the second largest shopping centre in Bulgaria at 62 000m².

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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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