Hyprop unit buys mall for €92m

HYSTEAD, a UK company co-owned by JSE-listed Hyprop Investments and PDI Investment Holdings, has acquired the Skopje City Mall in Macedonia from Balfin Finance in Amsterdam for €92 million (R1.38 billion). The 37 600m² Skopje City Mall is the dominant mall in the capital Skopje and the largest in the country. Pieter Prinsloo, the chief executive of Hyprop, said yesterday that the objective was to own a high quality shopping centre portfolio in south-eastern Europe. “Skopje City Mall’s high occupancy, promising footfall, balanced tenant mix and expansion opportunities ensure that it is an attractive investment. The mall’s current management team will remain to ensure the retention of critical skills. Our expectation is that the investment will enhance the Hyprop’s income distributions,” Prinsloo said. – Roy Cokayne