SA property firm lifts investment in African expansion

24 February 2014

Hyprop, the listed retail property fund, has increased its investment in its expansion into Africa to R3 billion from R750 million, Business Report writes.

Pieter Prinsloo, Hyprop’s chief executive, said on Friday it aimed to have fully invested the R3bn in retail property assets within the next five years, which on current values would make up about 15 percent of Hyprop’s asset base.

He said Hyprop’s investment vehicles in Africa comprised Atterbury Africa, which was focused on new retail developments, and African Land, which had a mandate to acquire existing shopping centres.

He said R1bn had been allocated to Atterbury Africa and R2bn was available for investment through African Land.

Prinsloo said Atterbury Africa had contributed R2.5m and African Land R3.8m to Hyprop’s distributable earnings in the six months to December last year. He said although Hyprop had increased its investment in Africa, it would not take much to soak up its R3bn investment.

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