New management team says it can get blue-chip mall owner to soar again in 12 months
Hyprop Investments, the owner of shopping centres including Mall of Rosebank, Hyde Park Corner and Canal Walk, will exit its R4bn rest of Africa operations because of trading difficulties.
“This will decrease our loan-to-value and let us focus on investments which offer long-term returns to the fund,” he said. The retail focused real estate investment trust was trying to decrease its debt levels while trying to make profits in SA where disposable income growth is subdued, CEO Morne Wilken said.Hyprop’s share price closed at R69.50 on Friday, down about 15% year to date. On a three-year basis it was down 43.6% from the R119.80 price it closed at on May 23 2016.
He said he and his team needed about a year to get Hyprop on to a better track and its momentum back in its share price.
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