{"id":4289,"date":"2022-01-28T09:36:43","date_gmt":"2022-01-28T09:36:43","guid":{"rendered":"https:\/\/sareit.co.za.www55.cpt1.host-h.net\/?p=4289"},"modified":"2022-01-28T09:36:43","modified_gmt":"2022-01-28T09:36:43","slug":"hyprop-to-acquire-the-remaining-properties-within-the-hystead-portfolio","status":"publish","type":"post","link":"https:\/\/muddev.co.za\/sareit\/hyprop-to-acquire-the-remaining-properties-within-the-hystead-portfolio\/","title":{"rendered":"Hyprop to Acquire the Remaining Properties Within the Hystead Portfolio"},"content":{"rendered":"<p>Hyprop Investments Limited (Hyprop) is pleased to announce it has concluded an agreement with Hystead to acquire the remaining four assets within the Hystead Eastern European (EE) portfolio. These core assets include, Skopje City Mall in North Macedonia; City Center One East and City Center One West in Croatia; and the Mall of Sofia in Bulgaria. Hystead\u2019s fifth property, Delta City Podgorica in Montenegro, is in the process of being sold and Hyprop will retain its existing \u20ac45 million interest in the asset, representing 60% of the value, until the sale is complete.<\/p>\n<p>Hyprop currently owns 60% of Hystead, with PDI Investment Holdings owning the other 40%.<\/p>\n<p>The Hystead acquisition properties accord with Hyprop\u2019s strategy for its EE portfolio of premium retail properties in their respective jurisdictions and have the potential for future growth through active asset management and development initiatives, drawing on Hyprop\u2019s South African expertise.<\/p>\n<p>The transaction will enable Hyprop to take full control of the Hystead acquisition properties, with the following impact:<\/p>\n<ul>\n<li>an increase in Hyprop\u2019s effective interest in the Group\u2019s EE portfolio;<\/li>\n<li>an alignment of Hyprop\u2019s economic interest in the Hystead properties being acquired and mitigation of its risk exposure;<\/li>\n<li>the optimisation of Hystead\u2019s capital structure and the Group\u2019s borrowings and gearing profile;<\/li>\n<li>the consolidation of the Hystead acquisition properties in Hyprop\u2019s financial statements, providing greater disclosure and transparency; and<\/li>\n<li>retention of the experienced Hystead asset management team, ensuring management continuity, and positioning Hyprop to grow its EE portfolio in the long-term.<\/li>\n<\/ul>\n<p>Morn\u00e9 Wilken, Hyprop CEO, said: \u201cThe transaction is in line with our strategy to further diversify our exposure into Eastern Europe, mitigating the company\u2019s risk to a weaker South African economy and will address some concerns previously raised by shareholders.<\/p>\n<p>Hyprop remains focused on creating safe environments and opportunities for people to connect and have authentic and meaningful experiences, thereby creating long-term sustainable value for all stakeholders.\u201d<\/p>\n<p>Hyprop is confident that the Group\u2019s strategy and key priorities remain relevant, even in a prolonged Covid-19 environment and the focus for the EE portfolio remains to retaining the dominance of the malls through active asset management initiatives and strategic redevelopments, leveraging the Group\u2019s SA expertise and know-how, securing rights for further mall extensions to satisfy tenant demand and completing the refinancing or settlement of the equity debt.<\/p>\n<p>Once the transaction is concluded and Delta City Podgorica is sold, the intention is to wind up Hystead in an orderly manner. This will include settling all Hystead\u2019s outstanding debt and releasing Hyprop and PDI from all guarantees in the shareholders\u2019 agreement.<\/p>\n<p>Hyprop shareholders are advised to exercise caution in their dealings until a further announcement is made.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hyprop Investments Limited (Hyprop) is pleased to announce it has concluded an agreement with Hystead to acquire the remaining four assets within the Hystead Eastern European (EE) portfolio. These core assets include, Skopje City Mall in North Macedonia; City Center One East and City Center One West in Croatia; and the Mall of Sofia in [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-4289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-members-news"],"featured_image_src":{"landsacpe":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2022\/01\/Hyprop-Mall-of-Sofia1-1140x445.jpg",1140,445,true],"list":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2022\/01\/Hyprop-Mall-of-Sofia1-463x348.jpg",463,348,true],"medium":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2022\/01\/Hyprop-Mall-of-Sofia1-300x78.jpg",300,78,true],"full":["https:\/\/muddev.co.za\/sareit\/wp-content\/uploads\/2022\/01\/Hyprop-Mall-of-Sofia1.jpg",1920,500,false]},"_links":{"self":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts\/4289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/comments?post=4289"}],"version-history":[{"count":0,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/posts\/4289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/media\/4290"}],"wp:attachment":[{"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/media?parent=4289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/categories?post=4289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/muddev.co.za\/sareit\/wp-json\/wp\/v2\/tags?post=4289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}