Economy

Manda Hill Mall Up For Sale

manda hill shopping centre, lusaka, zambia

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.

8 Comments

  1. Chiluman

    We need industries. Not malls.

    • FJT

      These investors are extremely cunning. Before the malls reaches the end of its useful life (steel structure has a useful life of 25 to 40 years) and they also know that Lusaka has so many malls and with depressed economy, sooner than later most of the malls will run into losses. So better get out before it is too late

  2. Annette Cowham

    We have enough malls In Lusaka. We need to maintain and keep the high standards of taking care of these malls.The rentals need to be reduced to provide an opportunity for more businesses to be represented. Predominantly local at a large scale.May I suggest 70%. International businesses represented at a small scale which is 30%. Come on Zambian business men, women and entrepreneurs let’s be creative!Its your time to Shine.It would be great to have a Zambian businessman or woman buy the property for a change. Let’s go ZAMBIA!

    • Justin Mwamba

      That’s the way to go, it’s a great to a Zambian own such an investment, even a consortium of Zambian businesses or businessmen

      • FJT

        Dull statement, with mushrooming of malls, including shopmart opening on Thabo Mbeki, Manda Hill is reaching its end. Parking, traffic congestion, bad economy, more and more malls across Lusaka takes away monopolistic edge of Manda Hill. Zambians shall keep away from Malls investment till economy stabilises and a few of them close for good

  3. Justin Mwamba

    That’s the way to go, it’s a great to a Zambian own such an investment, even a consortium of Zambian businesses or businessmen

  4. Jonas

    But y putting it on sale

  5. n.k

    the price please.
    How much dollars……

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