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10Mar

Hyprop reports 12.9% growth in distributable income

Hyprop reports 12.9% growth in distributable income and is on track to meet its full-year guidance of 10% – 12% growth in distributable income per share

Hyprop Investments, a retail-focused REIT listed on the JSE and A2X, delivered strong interim results for the six months ended 31 December 2025, reporting a 12.9% increase in distributable income. The Board declared an interim dividend of 119.0 cents per share, up 4.9% from the prior period and affirmed its full-year guidance of a 10 – 12% increase in distributable income per share.

Hyprop owns, manages and redevelops retail centres in prominent, mixed-use precincts strategically located in key economic nodes. It is expanding its presence in preferred regions, such as the Western Cape and EE, while strategically optimising its Gauteng assets to maximise sustainable, long-term value for stakeholders. In February 2026, Hyprop sold a 50% stake in Woodlands in Gauteng, as part of its strategic objective to reduce its exposure in the province, recycle capital for new and organic growth opportunities and participate in further upside from the centre as the majority shareholder.

“Both our SA and Eastern European portfolios continue to deliver inflation-beating results, underscoring the success of our repositioning strategy. We are now seeing the benefits of the strategic steps we have taken since 2019. Key milestones include reducing the Group LTV to 31%, acquiring the four core EE centres, disposal of the sub-Saharan African portfolio, acquisition of Table Bay Mall, which is delivering significant growth, and the recent 50% sale of Woodlands, which has positioned us to pursue further earnings-enhancing and sustainable organic and new growth opportunities,” said CEO Morné Wilken.

Key financial highlights

Distributable income rose by 12.9% to R864 million, driven by Hyprop’s focused strategy. Distributable income per share increased by 5.4% to 212.3 cents per share as the number of issued shares increased by 7%, following a successful capital raise in December 2025, which was multiple times oversubscribed. An interim dividend of 119.0 cents per share, which includes a 2.0 cent antecedent dividend, representing a 4.9% increase compared to the prior period.

Borrowings reduced to R13.8 billion (from R14.7 billion in June 2025), and the Group was in a strong liquidity position at December 2025, with R949 million of cash and R2.3 billion in available bank facilities. The loan-to-value (LTV) ratio improved to 31.0% from 33.6% in June 2025 and will further decrease to 29.6% after the Woodlands transaction. Interest cover ratio strengthened to 3.0 times (June 2025:2.6 times). R265 million was re-invested in the portfolios during the period.

SA Portfolio: Operational highlights

Trading density in SA rose by 7.5% in the six months ended 31 December 2025, significantly above the 4.3% increase in the same period in 2024, and tenants’ turnover rose by 5.0%, up from 4.8%. Foot count increased by 1.9%. The strong operational performance demonstrates the appeal of Hyprop’s retail centres, which are supported by a resilient LSM shopper base.

The retail vacancy rate reduced from 4.2% at 30 June 2025 to 3.1%, as most of the rightsizing of anchor tenants has been completed and the reclaimed space is being let to new tenants.

Particular highlights for Hyprop’s tenant base in this period were the opening of a flagship Incredible store and the first Hisense store in SA, both in Canal Walk; LEGO and Safari Collection as part of the Somerset Mall Phase 2 expansion, the much-anticipated opening of Checkers FreshX and PetShop Science, at the beginning of August 2025 (which had a positive impact on foot and vehicle counts) and a first-of-its-kind Maison Deux (luxury department store) at Hyde Park Corner; and the opening of the first Walmart store in Africa at Clearwater Mall in November 2025 (the centre’s foot count increased by 20.3% in that month).

Capex projects underway in SA during period include the Phase 2 expansion and retiling project at Somerset Mall, which is progressing well and scheduled to be completed in July 2026; Maison Deux store at Hyde Park Corner; solar-PV and energy projects at The Glen and Hyde Park Corner; new parking systems at Canal Walk and Clearwater Mall; and several tenant installations. There are more projects in the planning stage, including a Phase 3 expansion at Somerset Mall, driven by strong tenant demand.

Eastern Europe portfolio: Operational highlights

The EE portfolio continues to demonstrate resilience and improve its operational performance. In the six months ended 31 December 2025, tenants’ turnover increased by 3.8%, while trading density rose by 3.6%. Demand for space remains exceptionally high, with a 0.2% vacancy rate in December 2025.

The centres strengthened and balanced their tenant mix by adding unique brands and expanding others. These included an exciting new tenant for Skopje City Mall – Bagabond, a niche brand specialising in Italian leather bags and accessories, whose store is scheduled to open by March 2026. In City Center one East, Gligora Cheese & Deli (the most awarded cheese producer in Croatia) and dShop (the official fan shop of GNK Dinamo, Croatia’s leading football club) have enhanced the offering. New tenants that have strengthened The Mall’s appeal include ETAM (lingerie store), Office Shoes, ProCredit Bank, Late Café, Just Asia (food and beverages), McDonald’s and Miniso.

City Center one East and City Center one West both received General Urban Plan (GUP) approval from the City of Zagreb in September 2025. City Center one East’s expansion project is now in the final design phase, with the feasibility study currently underway.

Capital expenditure for the period was €2.0 million. The largest project undertaken was the re-tiling of City Center one West.

Progress on minimising electricity, water and waste footprint

The installation of solar-PVs at The Glen (3 178kWp) and CapeGate (4 991kWp) and a new battery energy storage system at Hyde Park Corner, has commenced. Hyprop is in the process of securing local authority approvals for the solar-PV plants at Canal Walk and Somerset Mall. It recently obtained approval to install solar-PV plants at City Center one East and City Center one West, in Croatia.

In SA, water tanks providing up to five days of backup potable water are planned for Somerset Mall, Table Bay Mall, CapeGate and Canal Walk, and will be ready by June 2026. At Somerset Mall, 25 waterless urinals and 49 Propelair low-flush-volume toilets have been installed as part of the bathroom upgrades.

The waste recycling rate for the SA portfolio in the six months to 31 December 2025 was 78%. In late November 2025, Hyprop achieved five net-zero-waste (NZW) certifications: for Canal Walk, CapeGate, Somerset Mall, The Glen and Woodlands.

Outlook

The Board has decided to raise the dividend payout ratio for the current financial year ending 30 June 2026 to 82.5% of distributable income from the SA and EE portfolios (from 80% previously), reflecting continued progress on strategic priorities. The plan is to increase the payout ratio progressively over time; however, the Board believes the Group is approaching the anticipated maximum payout ratio.

“We remain focused on executing our strategy and driving long-term value for our stakeholders through prudent capital allocation, ongoing repositioning of the SA and EE portfolios, implementing sustainable solutions to reduce the impact of infrastructure challenges in SA and driving new and organic sustainable growth opportunities. With a strong balance sheet and robust demand for our retail spaces, Hyprop is well-positioned to continue delivering superior returns and sustained growth in the long term,” concluded CEO Morné Wilken.

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Head: Marketing & Stakeholder Affairs – Redefine Properties Ltd

Doug Mayne

BCom in Marketing, Advertising and Business Administration (University of KwaZulu-Natal)In his current role, Doug leads a world-class team, responsible for marketing the Redefine Properties brand, mall brands, and all other sub-brands. His role includes managing alternative income and driving stakeholder engagement across the company’s key stakeholders.

Doug joined Redefine in 2016 as a National Non-GLA Sales Manager, where he was responsible for the company’s income across retail, commercial, and industrial property sectors. In 2021, the role of Retail marketing manager was added to his responsibilities, where he focused on digital, community, and tenant support. One year later, Doug was appointed as head of the marketing department.

Doug is also highly skilled in new business development, brand management, people development, project management, budgeting, innovation and new idea execution, negotiation, commercialisation, sales revenue, and stakeholder relations.

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Marketing Executive – Equites Property Fund

Shirley McMurray-Wolmarans

Shirley McMurray-Wolmarans holds an Honours Degree in Business Management: Marketing as her highest qualification. Since 2008, she has gained extensive experience in marketing event management at an international level, including executing large-scale exhibitions and trade shows for significant brands, before moving more specifically into senior marketing executive roles, with a focus on brand positioning and exposure.

Shirley joined Equites in 2021 and has applied creative and strategic thinking, to establish Equites in the digital space and grow the REIT’s online footprint across platforms, driving engagement and growth.

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Partner – Fasken

Janke Strydom

Janke Strydom is a Corporate and Commercial Real Estate Partner at Fasken with eight years post qualification experience.Her practice comprises commercial real estate agreements and conveyancing transactions, including bond registrations, transfers, subdivisions, consolidations, township establishment and the opening of sectional title schemes for a range of clients, including REITs, financial institutions and property developers.

Janke’s experience includes advising on complex commercial real estate transactions and corporate and commercial advice concerning sectional title developments, large intra-group restructures, the sale of commercial letting enterprises and real security transactions. These include, amongst other things, the registration of mortgage bonds, notarial bonds, ship and aircraft mortgages and the cancellation and cession of these bonds.

She has broad experience in commercial real estate transactions and corporate law, including drafting sale agreements, co-ownership agreements, shareholder agreements, bespoke MOIs and commercial lease agreements.

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Head of CSI and Transformation – Fortress REIT

Jodie Ellinor-Dreyer

Jodie Ellinor-Dreyer FCA CA(SA)

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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