Hyprop has concluded a sales agreement with The Table Bay Mall Property Trust to acquire Table Bay Mall as a going concern for R1.625 billion. The sale includes the asset’s solar panels which are currently being installed.
The regional, single-level 64 143 m2 mall is situated in Sunningdale on Cape Town’s West Coast and the area surrounding the centre has been earmarked for future construction of 5 000 to 7 500 residential units over the next 5 to 10 years, depending on market conditions. The mall was developed in 2018.
“We are pleased to announce the conclusion of the sale agreement of Table Bay Mall. Over the last four years, our focus has been to create a strong balance sheet, whilst repositioning our South African and Eastern European portfolios to improve our trading performance. Following the pleasing growth trajectory since 2022 it is appropriate for us to consider opportunities with strong growth potential such as Table Bay Mall, in preferred geographies,” commented CEO of Hyprop,Morné Wilken.
Hyprop will fund the acquisition through new and a portion of its existing undrawn borrowing facilities of R2.3 billion.
“The Table Bay Mall acquisition is a unique opportunity for us to obtain a premium retail property at a fair market value, at a relatively early stage of its life cycle. Through the support of our proven retail property management expertise, particularly our active asset management initiatives, including optimising the tenant mix, the centre has great potential to unlock further growth and contribute towards the Group’s long-term value”, he concluded.