SA Based Investment Group Hyprop Sells Delta City Mall In Podgorica Montenegro
SA Based Investment Group Hyprop Sells Delta City Mall In Podgorica Montenegro. It has been announced that Hystead Limited, in which Hyprop holds a 60% interest, has concluded an agreement with CEE BIG B.V to sell its entire shares in Delta M CG d.o.o. Podgorica, the entity that owns Delta City Mall in Podgorica, Montenegro.
Hyprop said in a statement, “The transaction is based on a gross property value of EUR 95 million, and the purchase consideration payable to Hystead in terms of the transaction is EUR 24 million, calculated by deducting bank debt ( EUR 70 million), and customary adjustments for working capital and cash as at the date of completion of the transaction. The purchase consideration will be paid in cash on the completion date, being the fifth business day after the last of the conditions have been fulfilled or waived, and which should be by no later than 31 March 2022 (unless otherwise agreed by the parties). The transaction is subject to the purchaser securing external bank financing for the purchase and approval from the competition authorities.”
Hyprop is a retail focused REIT, owning and managing a R45 billion portfolio of mixed-use precincts underpinned by dominant retail centres in key economic nodes in South Africa and Eastern Europe. The company creates safe environments and opportunities for people to connect and have meaningful and authentic experiences. The company consists of leaders in building relationships, creating exceptional places and experiences that excite and inspire its community. Hyprop recognises that to achieve this it needs to nurture and invest in people’s wellbeing, skill, knowledge and expertise.
The company is community-minded, collaborative and connected to the world and it is also authentic, acts with integrity and is responsible for its actions. With this sale the company could be looking to invest in other projects that as it wants to significantly impact the communities it operates in.
