Shopping centre owner Hyprop Investments, which owns popular shopping malls such as Rosebank Mall, Hyde Park Corner and Canal Walk, is set to expand its portfolio as it agreed to Table Bay Mall in Cape Town for R1.6bn.
The company, valued at about R10.6bn on the JSE, said on Tuesday that it agreed to take full ownership of the shopping mall from the Table Bay Mall Property Trust in a cash deal, subject to regulatory approval, as it looks to grow its exposure to the Western Cape.
Built in 2018, Table Bay Mall is near Blouberg, in the northwest of the Mother City. With a gross lettable area (GLA) of 67,588m², about the size of nine soccer pitches, the mall generated R108.6m in net property income in the financial year to end-February.
According to Hyprop, the area is expected to see above-average growth because more residential properties are being built — 5,000-7,5000 units are expected over the next five to 10 years — and the increase of people moving from the rest of SA to the Western Cape as part of the so-called semigration trend.
“The centre is located in a high-growth node and the majority of Table Bay Mall’s shoppers are medium- to high-income earners,” the company said.
As part of the deal, Hyprop will also pay R23.3m for the solar panels that are currently being installed.
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