Archives for July 4, 2024

HYP – Pre-close-operational-update

Further to the publication of Hyprop’s interim results for the six months ended 31 December 2023 (“HY2024”) on 13 March 2024, the Company hereby provides an operational update for the five months ended 31 May 2024 (“the period”).

Progress continues to be made in achieving the Group’s key priorities for FY2024 set out in the HY2024 interim results. In line with our strategic objectives, the acquisition of Table Bay Mall was implemented on 28 March 2024, increasing the Group’s exposure and footprint in the Western Cape, and internal approvals have been obtained to expand Somerset Mall by an additional 5 400m2 of GLA. The risks associated with the Group’s investments in Nigeria remain elevated, however, progress is being made with the disposal of the Group’s investments in sub-Saharan Africa (“SSA”), as noted below.
The Group’s operational performance continued to improve steadily over the period, with all portfolios showing improvements in key trading metrics. These improved trading metrics are attributed to the repositioning strategy in South Africa (“SA”), the good tenant mix and increased footfall across the SA and Eastern Europe (“EE”) portfolios, and improved asset management in the SSA portfolio.

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