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Clearwater Mall
01Dec

Hyprop’s sustained growth driven by tenant mix and repositioning

Repositioning strategies and optimal tenant mix drive Hyprop’s sustained growth

Hyprop, the retail-focused REIT with excellent centres in key economic nodes in South Africa and Eastern Europe (“EE”), has maintained strong growth in tenants’ turnover and trading density in the first four months of its current financial year. Due to this strong operational performance and the financial performance in the first quarter, the Group is well on track to meet its guidance of delivering 10-12% growth in distributable income per share for the year ending 30 June 2026.

As part of its strategy to regularly review the portfolio and recycle capital where appropriate, the Group announced in July 2025 that it had agreed to sell a 50% stake in Hyde Park Corner for R805 million. The final condition is expected to be fulfilled before the end of the calendar year. Another disposal is under negotiation and will be announced when the agreements are finalised.

“We are well-positioned to capitalise on future growth opportunities aligned with our diversification strategy, leveraging our existing teams and the quality and resilience of our current portfolio,” Hyprop CEO Morné Wilken said.

“Our proactive approach prioritises expanding our portfolios in the Western Cape and EE, while optimising our Gauteng property investments for sustainable returns.”

Financial strength

Hyprop held R873 million in cash and R2.3 billion in available bank facilities at 31 October 2025, underpinned by an excellent collection rate (102% in SA and 97% in EE) from tenants across both portfolios.

The R502 million bond due end-November was settled from existing cash resources, while the bond maturing at end-April will be settled either in cash or refinanced via an auction. The R750 million of bonds held by banks and maturing in the current financial year are expected to be refinanced via private placements. Refinancing initiatives are being pursued for the €75 million of equity debt maturing later this financial year.

This strong liquidity and capital management underscore management’s prudent balance sheet management, providing a solid foundation to fund future growth. In October, GCR affirmed Hyprop’s long-term and short-term credit ratings, with a stable outlook, reflecting the Group’s ongoing credit stability.

Operational delivery

Despite weak economic growth in SA and competition from online gambling, which is absorbing consumers’ discretionary income, the nine centres in Gauteng and the Western Cape performed well. Tenants’ turnover rose 5.3% and trading density by 8.5% in the four-month period, compared with the same period in 2024.

Among the nine centres, some highlights of this period included two “firsts” at Canal Walk: the opening of the first Oakley store and the first Hisense store in South Africa. At Table Bay Mall, the latest addition to the SA portfolio, which is performing in line with expectations, an application has been submitted for an additional 20 000 m2 of bulk to expand the centre and accommodate future tenant demand. At Clearwater Mall, on the first day of trading of the first Walmart-branded store in Africa on 22 November, foot count was about 86 000, compared to the average 37 000 on Saturdays. Hyde Park Corner was revitalised by the opening of seven new stores, including Checkers FreshX. Since the opening of Checkers FreshX, the centre has steadily attracted more shoppers, with the October 2025 foot count up 12% compared to October 2024. The Phase 2 expansion project at Somerset Mall is progressing well, with the first section (affordable luxury and athleisure) having opened on 20 November. The new food court and entertainment offering, part of the Phase 2 expansion, will be completed in July 2026.

In EE, the centres’ reputations as preferred shopping destinations are reflected in the portfolio’s zero vacancy rate at October 2025. Tenants’ turnover increased by 2.9%, while trading density rose by 3.1%, in line with regional inflation trends. Among the four centres, a highlight was securing approval in September for additional development rights for the two Croatian centres. The team is actively working on the plans for the 14 000 m² extension at City Center one East and the project will commence mid-2026, pending the timely receipt of all other necessary approvals.

Hyprop has invested significantly in innovative energy projects to advance ESG goals, ensure resilience against power outages, and significantly cut electricity costs. Since 2019, Hyprops has increased its solar capacity by 647% and is currently delivering 13.5% of its total electricity consumption. The two solar-PV projects at CapeGate and phase 2 at The Glen have commenced, while approvals are still awaited for the solar projects at Somerset Mall and Canal Walk. A battery energy storage system has been commissioned at Rosebank Mall and a second is in the planning stage for Hyde Park Corner.

The goal of reducing water consumption is delivering outstanding results: in the eleven months to end-October 2025, water consumption fell by 68 000 kL, resulting in cost savings of over R6 million. Hyprop has also achieved Green Building Council of South Africa (GBCSA) net-zero waste certification for its recycling initiatives at Canal Walk, CapeGate, Somerset Mall, The Glen, and Woodlands.

Conclusion

Wilken concludes, “Hyprop is now in its growth phase, be it organic and new opportunities, and we are excited about the future prospects. The Group’s stability, strong balance sheet, proven track record, and prudent management put us in a good footing to deliver continuous sustainable growth for all our stakeholders.”

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Financial Manager and Head of Corporate Social Investment & Transformation
Fortress Real Estate Investments Limited
Jodie, an ordinary person with extraordinary determination, has been working within the Fortress group structures for over 20 years doing what she loves.
“Start by doing what is necessary, then what is possible, and suddenly you are doing the impossible.” St Francis of Assisi

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Funding Officer – Attacq

Pierre Le Roux

Pierre Le Roux is a Chartered Accountant with over 15 years of expertise in the financial services sector, with Commercial Property Finance and Treasury specialisation. He joined Attacq in 2018 as the Funding Officer, with overall responsibility for Attacq’s debt funding and interest rate risk management.

Before joining Attacq, Pierre spent seven years with First National Bank as a Dealmaker in New Business Acquisitions and Commercial Property Finance in South Africa and sub-Saharan Africa. In addition to originating new commercial property finance business, he assisted the FNB African subsidiaries in designing solutions for clients, obtaining approval from the relevant credit committees, and drafting and implementing their commercial property finance risk management policies.

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General Manager (Inland) – Property Management, Redefine Properties

Poovendran Reddy

Poovendran Reddy is the General Manager (Inland) of Property Management at Redefine Properties, where he oversees the property management of the inland property portfolio across office, retail, and industrial sectors. With a background in BCom Accounting and PGDA from the University of KZN, Poovendran joined Redefine Properties in 2020 as Head of Operational Finance, bringing with him over a decade of experience in the hospitality sector.

In his previous role, Poovendran managed the day-to-day operational finance functions, including taxation, before being promoted to his current position in March 2023. In addition to managing the property portfolio, he also provides oversight of BBBEE initiatives and their monitoring.

Poovendran’s expertise lies in combining financial acumen with operational excellence, making him a valuable member of the Redefine team. He is actively involved in the Management Committee and the Management Risk Committee, contributing his insights and leadership to drive the company’s success.

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HR & Transformation Manager, Vukile Property Fund

Nomsa Kole

Nomsa is the HR & Transformation Manager at Vukile Property Fund Ltd. In her current role, she manages the human resources processes, drives the B-BBEE goals and superintends the skills development initiatives. She is a Professional Accountant (SA) with degrees in Financial Accounting and Accounting Sciences. She is currently enrolled for a post-graduate degree in HR and Business Management with the University of Witwatersrand. She is passionate about people management and fostering transformative change in the workplace.

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Associate Professor at the University of Pretoria

Dr Douw Boshoff

BSc Construction Management, MSc Real Estate, PhD Real Estate, Business Leadership Certificate, Project Management Professional Certification

Douw has close on 30 years of experience in the property and construction sectors. He started his career in project management with Barrow Projects and Property Finance with Rand Merchant Bank. Also, he spent about 10 years in academia with the University of Pretoria. During that time, he supervised 20 research students at the master’s and doctoral levels and published more than 50 papers in academic journals, conference proceedings and other trade publications. He is a Professional Valuer (SACPVP) and Chartered Valuation Surveyor (RICS).

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Chief Investment Officer, Spear REIT Limited

Kim Pfaff-Karg

Kim is the first female member of the Spear Executive Committee. Kim has 18 years experience in the listed and non-listed real estate sector.

Kim’s qualifications include a BSc (Hons) Property Studies (UCT), a Certificate in Lease Negotiation (University of Pretoria), is a member of the Royal Institute of Chartered Surveyors (MRICS), a Registered Valuer of the Royal Institute of Chartered Surveyors (RICS) and a Professional Valuer (SACPVP).

Kim performs a strategic role across the business at Spear, focusing on acquisition, disposals, portfolio valuations and other corporate business requirements.

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Founder, Philbar Consulting; Director, Pooled Data Services (Pty) Ltd

 

Phil Barttram

A thought leader and independent consultant on real estate investment and ESG strategies, Phil Barttram has over 27 years of experience in the financial sector, having worked in the UK, South Africa and the Middle East.
He spent nearly a decade as an Executive Director at MSCI and is currently in the start-up stage of building a collaborative data business.

Phil’s interest lies in investment strategy and portfolio optimisation, and on utilising the value of data virtualisation to improve strategic investment decisions. Since going out on his own, Phil has taken an interest in the impact of ESG risk and opportunity factors on portfolio buy-sell-hold strategies.

As an established authority on South African real estate and ESG, Phil is a regularly invited conference speaker and frequent contributor to trade and mainstream media publications. He holds an MBA from UCT’s Graduate School of Business and currently serves as Deputy Chair of the Green Building Council South Africa (GBCSA), is a past Non-Executive Director of the SA Council of Shopping Centres (SACSC), and is a member of the SA REIT Association’s Research Committee.

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Head of Research – Sefikile Capital

Naeem Tilly

Naeem holds a qualification as a Chartered Accountant (CA SA) and is a Chartered Financial Analyst (CFA) charter holder. With 11 years of experience in the listed property sector, he embarked on his professional journey after earning a Bachelor of Accountancy degree from the University of Witwatersrand. Naeem’s career took off at PricewaterhouseCoopers.

Before joining Sesfikile Capital, Naeem was executive director and senior listed property analyst at Avior Capital Markets. His outstanding expertise was acknowledged by the Financial Mail, where he received the top-rated analyst award for three consecutive years, as recognised by industry peers.

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Economist – STANLIB

Ndivhuho Netshitenzhe

Ndivhuho Netshitenzhe obtained her undergraduate degree in Economics and Politics from Rhodes University and has two Masters’ degrees: one in Economics from University of Pretoria and a second in Finance from Cambridge University. Ndivhuho has 7 years’ experience in the property sector and began her career at the South African Reserve Bank, where she joined as a graduate in 2013 in the Financial Stability department. Since then she has worked on macroeconomic policy, helping develop South Africa’s macroprudential policy and financial stability monitoring framework.

In her current role at STANLIB which was effective in 2019, Ndivhuho is responsible for conducting macroeconomic research and forecasts with a focus on South Africa and China. As a research economist, she has authored a number of research papers which have been presented at The Economic Society of South Africa conferences.

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Associate Professor – University of the Witwatersrand

Kola Akinsomi

Professor Kola Akinsomi has over 15 years’ experience in the property sector and holds a PhD in Real Estate Finance and MSc in Real Estate from the National University of Singapore as well as a BSc in Real Estate Management with Honours from Oxford Brookes University, England. He has been a visiting researcher at the National University of Singapore, University of Tokyo, Japan and the University of Western Sydney, Australia. Kola is the Vice-President and board member of the African Real Estate Society and on the board of directors of the International Real Estate Society. He is on the Advisory Forum of the South African Council for Property Valuer and Profession (SACPVP). In addition, Kola is the Chair of the future leaders of the American Real Estate Society (FLARES). He has served on the program committees for the African Real Estate Society, American Real Estate Society and European Real Estate Society conferences.

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Partner – Fasken

Jacques Marais

Advisory Member

Jacques Marais is a Senior Associate at Fasken and works in the Real Estate team in Johannesburg, advising clients on commercial property transactions, renewable energy project developments (infrastructure and development) and all related real estate law matters. He has a proven track record of being a part of legal teams advising some of the largest commercial and residential property developers and REITs in South Africa over the last few years.

Jacques’ work in the field of law consists of all aspects of real estate work, including conveyancing, property finance, commercial property developments, renewable energy project developments (infrastructure and development), sectional title schemes, retirement villages, mergers and acquisitions.

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Chief Executive Officer – Vukile Property Fund

Laurence Rapp

Chairman of the Investor Committee

He is a well-respected thought leader with over 12 years of experience in the property industry. As a forward-thinking and results-driven leader, he has successfully navigated the complexities of the corporate landscape and made significant contributions to the real estate sector. With a keen focus on general management, corporate finance, capital markets and real estate, Laurence has garnered a reputation as a dynamic and strategic visionary.

Previous roles include Head of Insurance and Asset Management at Standard Bank and Chairman of Synergy Income Fund Limited. Currently, Laurence serves as Chairman of Castellana Properties SOCIMI SA and holds directorships in various Vukile group entities. His dedication to innovation makes him a driving force in the real estate sector, and his leadership and passion inspire the next generation of property professionals.

He was appointed Chief Executive Officer at Vukile Properties on 1 August 2011.

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Portfolio Manager – M&G Investments

Yusuf Mowlana

Yusuf Mowlana holds a Bachelor of Business Science and is a qualified Chartered Accountant and Chartered Financial Analyst. He is currently responsible for all property funds at Prudential Investment Managers. Additionally, Yusuf co-manages the Prudential Equity Fund and the institutional general equity funds for South African and Namibian clients.

Mowlana spent the first five and half years of his investment career at Allan Gray, covering companies across various sectors, before joining Prudential in October 2018. Prior to that, he worked at Deloitte, where he completed his articles.

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Head of Investor Relations – Attacq Limited

Brenda Botha

Brenda started her career as a music teacher (BMUS HED, UP) and taught at Waterkloof Primary School, Pretoria. In 2004 she decided to change her career and joined Colenbrander Inc, Pietermaritzburg as an article clerk. Brenda has been the Financial Manager for PrivateProperty.co.za, Atterbury Property Holdings and Attacq Limited, before being appointed in the role of Head of Investor Relations in 2017. Brenda is a qualified CA (SA) and holds an MBA from the Graduate School of Business, UCT.

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Chief Executive Officer – Fairvest Limited

Darren Wilder

Darren Wilder is currently the CEO at Fairvest Property Holdings Limited and has over 30 years’ experience in all aspects of the property industry. His various portfolios include Asset Management, Property Management, Leasing, Property Development and Management. He worked for Seeff Properties in various positions from 1991 until 1997. In 1997 he was appointed to the board of the then JSE-listed company, Capital Alliance Properties, and was a participant in its management buy-out. Wilder was part of the team that listed Spearhead Property group on the JSE and was appointed COO in 1999. Darren’s work experience also includes National Leasing Director for Madison Properties, Business Development Director of the V&A Waterfront and a Consultant to the Chief Executive Officer of the V&A Waterfront.

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Head: ESG, Strategy & Investor Relations – Growthpoint Properties

Lauren Turner

With over two decades of experience in the financial sector, Lauren has an exceptional understanding of local and international financial markets, products and participants.

Starting her career in the financial services division at Deloitte and Touche, she went on to structure and sell interest rate products for institutional investors at the Fixed-Income Desk of Standard Bank. Coming from a third-generation stockbroking family and driven by her passion for the equity markets, Lauren then made strategic moves to the JSE and, gaining valuable insight into the offshore investment community, to BNY Mellon as Vice President of their American Depositary Receipt Business for Sub-Saharan Africa.

Today, as Head of ESG, Strategy & Investor Relations at Growthpoint, she applies her strong relationships and expertise to fostering a culture of excellence in the various aspects of her high-performance role. Lauren is a CA(SA), a member of the South African Institute of Chartered Accountants (SAICA) and sits on the Group Executive Committee of Growthpoint.

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Founder and Managing Partner – REdimension Capital

Peter Clark

Peter is the Founder and Managing Partner of REdimension Capital, an investment manager focused on technology and innovation companies solving challenges for the built environment. He also serves on the Africa Proptech Forum advisory board and the SAPOA Proptech committee.

Previously, Peter was Head of Property Investments for Ninety One, where he managed a range of portfolios in South Africa and globally valued more than $1bn. Peter is a CFA charter holder with an honours degree from the University of Cape Town and a master’s degree from the University of Cambridge.

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Chief Executive Officer of Attacq Ltd

Jackie van Niekerk

Chairperson of the Marketing and Conference Committee

Jackie joined Attacq as the Chief Operating Officer in June 2017 and was appointed to the board in June 2018. Jackie has over 14 years of experience in the property industry and prior to joining Attacq, was the Chief Executive Officer of Pivotal.

At the end of 2016, she successfully concluded the merger between Pivotal and Redefine Properties. Jackie joined Pivotal Property Fund in 2009 and became the youngest and only woman Chief Executive Officer in the property sector at the time, growing the fund to a R12 billion listed development fund.

She established Pivotal’s offshore strategy by successfully concluding the merger of Mara and Delta Africa to create the MaraDelta Africa fund and acquired an equity stake in Echo Property Polska based in Poland.

 

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Chief Operating Officer at Diversifi

Eric Ackroyd

Eric has 11 years' experience in B-BBEE and Transformation and before that 12 years' experience in Financial Auditing. Prior to joining Alternative Prosperity he was the Verification Director at a leading B-BBEE Verification Agency. He started his career as a Chartered Accountant and Auditor during which time he worked in the UK and Germany for 3 years. He is experienced in the Automotive, Advertising, Financial, Construction and ICT industries.

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Company Secretary & Legal Executive at Equites Property Fund

Thabo Vilakazi

Experienced Property and Development professional with a demonstrated history of delivering major Negotiation and developments for clients. Strong strategic capability, professional skilled in Asset Management Asset Management across the Due Diligence and development sectors including residential (including high-rise), commercial properties, industrial property, retail land, hotels and master planning. Significant experience in managing large scale complex multi-use projects. Broad understanding of urbanism and its impacts on people and property

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Research Analyst and Assistant Property Portfolio Manager at Truffle Asset Management (Pty) Ltd

Pranita Daya

Pranita is a qualified chartered accountant, having completed her undergraduate at WITS and honours at the University of Johannesburg. She has served three years of articles at KPMG, working in the consumer markets and technology sector where some of her biggest clients were Yum Restaurants and Business Connexion, to name a few. She joined the sell-side covering listed property at Anchor Stockbrokers in January 2018 where she served four years before joining Standard Bank Securities. Pranita has participated in the Financial Mail Analyst Awards since 2019 and was ranked third in 2019, second in 2020, 2021 and 2024 and first in 2022 and 2023. She has also served on the SA REIT Research Committee and is currently the vice chairman of the Women’s Property Network having served on the exco since 2020. Pranita joined Truffle in January 2025 as a Research Analyst and Assistant Property Portfolio Manager.

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