Hyprop reduces exposure to Africa investments
JOHANNESBURG - South Africa's largest listed specialised shopping centre real estate investment trust Hyprop said on Friday AttAfrica Limited, in which it owns a 37.5 percent stake, had concluded an agreement to dispose of its interest in Achimota Retail Centre in Ghana.
This comes in the wake of Hyprop stating that it intends to reduce exposure to its African investments.
It said the Ghana sale price was in line with Hyprop’s valuation of the Achimota centre as at December 31 last year and the disposal was not expected to have a material effect on the price of the group's securities.
"Hyprop’s share of the disposal proceeds will be used to settle a portion of its US dollar denominated debt," the company said, adding that progress was being made on the disposal of the other African shopping malls in which it had interests.
- African News Agency (ANA)