Manda Hill Shopping Mall has been put up for sale by Hyprop Investments, the owner of Hyde Park Corner, The Mall of Rosebank and Canal Walk, as the foreign investor is making progress exiting Africa so it can focus on better growth markets in Eastern Europe.
Hyprop Investments that owns a number of shopping centers either outright or through joint ventures in the rest of Africa is selling its interest in Zambia’s Manda Hill shopping centre.
According to Business Day, Hyprop Investments say the malls have under-performed and Hyprop had to impair this business by R1.07bn earlier in 2019.
The 42, 000m² mall is owned 50% by Hyprop Investments (Mauritius) Limited and 50% by AttAfrica, in which Hyprop owns a 37.5% stake.
The sale price is in line with Hyprop’s valuation of the Manda Hill Shopping Centre at 31 December 2018 and the disposal is not expected to have a material effect on the price of Hyprop’s securities. Hyprop’s share of the disposal proceeds will be used to settle a portion of its US Dollar denominated debt.
Hyprop is in discussions with several parties regarding the disposal of the remaining African shopping malls in which it has interests.
The disposal is not a categorizable transaction for Hyprop in terms of the Johannesburg Stock Exchange Listings Requirements and the disclosures provided in this announcement are voluntary and for information purposes only.