Hyprop Investments said on Monday it had concluded the purchase of the Table Bay Mall in Cape Town.
Hyprop, which owns popular shopping malls such as Rosebank Mall, Hyde Park Corner and Canal Walk, said it had acquired 100% of the commercial letting enterprise, including the property and lease agreements relating to it.
The company announced in October that it had agreed to take full ownership of the mall in a cash deal, subject to regulatory approval, as it looks to grow its exposure to the Western Cape.
In a statement on Monday, Hyprop said the Competition Commission had approved the transaction without conditions on any party.
Built in 2018, Table Bay Mall is near Blouberg, in the northwest of the Mother City. It has a gross lettable area 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 2023.
Hyprop says the area is expected to experience 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 number of people moving from the rest of SA to the Western Cape is increasing.
As part of the deal, Hyprop will also pay R23.3m for solar panels that are being installed.
The only remaining condition is the transfer of the property to Hyprop, which the company expects to take place in mid-March.
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