Attacq and Hyprop Investments, two major South African shopping mall owners, are divesting their interests in Sub-Saharan mall assets worth R1 billion. The assets in question, located in Ghana and Nigeria, are being sold to Lango Real Estate Limited.
The transaction involves a complex ownership structure: Attacq, via AIH International, and Hyprop, through Hyprop Mauritius, hold stakes in Nigeria’s Gruppo Investments and Ghana’s AttAfrica.
Specifically, AIH International owns 25% and Hyprop Mauritius 75% of Gruppo’s shares, while both firms have a 50% stake in AttAfrica, with their economic interests being 27% and 73%, respectively.
The sale will see these stakes disposed of for nearly US$60 million (R1 billion).
Hyprop and Attacq together oversee some of South Africa’s most prominent shopping centres, such as the Mall of Africa, the country’s top shopping destination, along with Canal Walk and Rosebank Mall.
Attacq is particularly renowned for its flagship project, Waterfall City in Midrand, which includes the Mall of Africa and represents a significant investment in various other high-value developments.
The deal will see Attacq and Hyprop selling their interests in Ikeja City Mall in Nigeria (Ikeja) and in Accra Mall, Kumasi City Mall and West Hills Mall in Ghana (Ghanaian Properties).
“These disposals are in line with Attacq’s stated strategy of exiting sub-Saharan African markets outside of South Africa and focus on its South African assets,” Attacq said.
Hyprop in a statement highlighted that in Nigeria and Ghana, economic difficulties such as currency depreciation, inflation, and insufficient US Dollar liquidity were impacting cash flow meant for servicing bank debt.
Consequently, South African operations have been supporting the SSA portfolio financially.
“We see opportunities in Europe and parts of South Africa, particularly the Western Cape, but remain committed to exit SSA,” the group stated.
