R3 billion earmarked for Sub-Saharan Africa shopping centers

R3 billion earmarked for Sub-Saharan Africa shopping centers

Auction Exchange Hyprop Investments will invest R3 billion (approx. $272m) in Sub-Saharan Africa excluding South Africa through Atterbury Africa and African Land says CEO Pieter Prinsloo. Seen as the next growth point, Sub-Saharan Africa is in for a commercial transformation, with Hyprop Investments, SA’s third-biggest property company by market value, planing to invest over R3 billion (approx. $272m) developing and acquiring shopping centers. The JSE-listed retail-focused property company will invest in the continent excluding South Africa market through Atterbury Africa and African Land, it said today briefing SA Commercial Prop News on their half year financial results announced this morning.

Hyprop has allocated R1 billion to Atterbury Africa, in which it holds 37.5 percent, and R2 billion to African Land, a subsidiary of the company. The investment will be spread over the next five years.

“Hyprop will continue to invest in large, quality shopping centers, improve the tenant quality across the portfolio and dispose of non-core assets,” Hyprop Investments CEO Pieter Prinsloo said.

“These African investments are already contributing to distributable earnings”, says Prinsloo referring to the R2,5 million and R3,8 million received from Atterbury Africa and African Land, respectively.

The real-estate investor owns 12 shopping centers among assets of R25 billion. Amid […]

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