Hyprop, Attacq restructure African Land buyout
The investment structure of real estate investment company African Land Investments has been restructured, resulting in Hyprop Investments and Atterbury Africa each holding a 50% stake in the 44 000 m2 Zambia-based Manda Hill shopping centre, African Land’s only asset.
Hyprop and capital growth fund Attacq last year injected R768-million and R110-million respectively to gain respective shares of 87% and 12.4% in African Land. Atterbury Africa CEO Kevin Teeroovengadum holds the remaining 0.6%.
African Land had now been integrated into Atterbury Africa, a joint venture (JV) between Hyprop, Attacq and Atterbury Group, to “create a stronger entity” with a broader depth of skills and to allow Atterbury Africa to capitalise on the “full spectrum of the value chain” from greenfield to brownfield projects.
“The JV partnership is well experienced and has the ability to successfully develop, acquire and manage quality shopping centres in the rest of Africa,” said Hyprop CEO Pieter Prinsloo on Thursday.
Atterbury Africa planned to target, based on acceptable investment risk, ownership in dominant shopping centres in large cities across sub-Saharan Africa, excluding South Africa.
“Atterbury Africa is well placed to become a leading shopping centre fund across Africa and this restructure is a further step in expanding Hyprop’s African presence,” Prinsloo noted.
The restructure remained subject to approval by the South African Reserve Bank.
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