CAPE TOWN - Hystead, which is 60percent owned by JSE-listed Hyprop Investments, has completed the 12000m² extension to The Mall of Sofia in Bulgaria. 

In line with Hyprop’s strategy to own shopping centres that dominate in terms of size, The Mall of Sofia’s two-level extension would add 40 new stores to 222 in total, making it the second largest shopping centre in Bulgaria at 62000m². Hyprop chief executive, Morné Wilken, said yesterday that the successful opening of the mall extension in Sofia was important for Hystead, as it demonstrated its ability to execute its investment strategy to focus on fewer, but high quality large dominant shopping centres that deliver sustainable returns.” 

The upgrade was expected to create a preferred location for local and international brands. The surrounding node consists of high-rise office and residential complexes, with more development under way. Hystead owns six prime shopping centres in the capital cities of Bulgaria, Croatia, Northern Macedonia, Montenegro and Serbia. 

BUSINESS REPORT