Hyprop is selling 50% of Hyde Park Corner\u2014worth R1.6 billion\u2014to Millennium Equity Partners.<\/p>\n\n\n\n
Hyprop entered into a sale of rental enterprise agreement with MEP SPV 3 Proprietary Limited, a subsidiary of Millennium Equity Partners, to dispose of 50% of the shopping centre for R805 million.<\/p>\n\n\n\n
The mall owner has also concluded an agreement, which provides for the option to dispose of the remaining 50% in the future.<\/p>\n\n\n\n
Millennium is a private equity fund, the General Partner beneficially owned by Stanger Enterprises, TF Holdings and Nisela Private Equity.<\/p>\n\n\n\n
The value of the net assets and the profits attributable to the net assets are R1.6 billion and R47 million, respectively.<\/p>\n\n\n\n
Hyde Park Corner has a retail GLM of 38,750sqm and is situated in one of South Africa’s wealthiest areas, with President Cyril Ramaphosa’s primary residence nearby.<\/p>\n\n\n\n
The mall primarily caters to the wealthiest in Sandon. It features a Woolworths, Nu Metro, Exclusive Books, Jo Malone and a new Checkers store.<\/p>\n\n\n\n
Hyprop said the transaction is consistent with the company’s strategy to allocate more capital to the Western Cape and Eastern Europe.<\/p>\n\n\n\n
The company is also looking to focus on regional malls rather than mid-sized malls. The company owns Canal Walk, Rosebank Mall, Table Bay Mall and Somerset Mall.<\/p>\n\n\n\n
The proceeds from the sale will be allocated to reducing debt in the short term and for asset management initiatives, further solar-PV projects and new investments within its existing operations.<\/p>\n\n\n\n
Hyprop also provided Millennium with a net operating income guarantee.<\/p>\n\n\n\n
This indemnifies Millennium against any shortfall in net operating income of R70 million for a year from 1 July 2025. The maximum shortfall amount is R20 million for the 12 months.<\/p>\n\n\n\n
The mall is internally asset-managed by Hyprop, and the property management function will soon be outsourced to JHI.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hyprop Investments is selling its 50% stake in Hyde Park Corner as it focuses on its larger offerings. <\/p>\n","protected":false},"author":10,"featured_media":830183,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,15005,22140],"class_list":["post-830177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-hyprop","tag-millenium"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/830177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=830177"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/830177\/revisions"}],"predecessor-version":[{"id":830197,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/830177\/revisions\/830197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/830183"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=830177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=830177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=830177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}