Through its UK-based subsidiary Hystead Limited, Hyprop Investments now fully owns Skopje City Mall in Northern Macedonia, City Center One East and City Center One West in Croatia, as well as The Mall in Bulgaria. Transactions have increased to 32% of total Eastern European exposure to its asset portfolio and simplified its structure, Hyprop said in a statement on Thursday.
“We have met all the terms of the Hystead transaction, including shareholder approval at the general meeting held on Friday, March 25,” said Hyprop CEO Morne Wilken.
The company added that diversifying its exposure to premium retail centers in Eastern Europe is a means of mitigating the effects of the weaker South African economy, as Hyprop will focus in the short term on strengthening its balance sheet and continuing to reposition its portfolio. The portfolio will be revised annually to ensure that it has assets that are in line with the real estate fund's strategy.