Hyprop Investments Announces The Acquisition Of Four Eastern European Retail Properties From Hystead Limited
Hyprop Investments Announces The Acquisition Of Four Eastern European Retail Properties From Hystead Limited. South Africa’s largest listed specialised shopping centre Real Estate Investment Trust (REIT) has announced that it has acquired four Eastern European Retail Properties from Hystead Limited.
“Shareholders are referred to the announcement released on SENS by the Company on 25 March 2022 regarding the Acquisition by Hyprop of four Eastern European retail properties from Hystead Limited (“Hystead acquisition”) and Are advised that all conditions precedent to the Hystead acquisition have been fulfilled; and the Hystead acquisition is being implemented with an effective date of 31 March 2022.” The company said in a statement.
Hyprop is a retail focused REIT, owning and managing a R42 billion portfolio of mixed-use precincts underpinned by dominant retail centres in key economic nodes in South Africa and Eastern Europe. The Eastern Europe portfolio fits its strategy of holding dominant retail centres in their respective catchment areas. The focus remains the retention of these centres’ dominance through active asset management, strategic redevelopments and refinancing or settling the Euro equity debt.
The experienced in-country asset management and property management teams will join Hyprop, which ensures that it retains continuity and in-country know-how. “We have fulfilled all the conditions of the Hystead transaction, including shareholders’ approval at the General Meeting held on Friday, 25 March 2022. At the meeting, 79.7% of the issued shares were voted, of which 99.9% voted in favour of the transaction,” said Morné Wilken, CEO of Hyprop, in a statement.
Hystead is a real estate investment company investing in high-quality, dominant regional shopping centres throughout continental Europe, with a particular focus on South Eastern Europe and the Balkans. The company currently owns a portfolio of six prime shopping centres in Bulgaria, Croatia, North Macedonia, Montenegro and Serbia, each benefiting from a dominant micro-position in a capital city and an excellent tenant mix of international and local retailers.
