Hyprop subsidiary acquires 90% interest in two Croatian shopping centres
Hystead, a UK company co-owned by Hyprop Investments and PDI Investment Holdings (PDI) has acquired a 90% interest in two Croatian shopping centres from WKB 3 for €129.1-million.
When completed, Hystead will own six shopping centres in five countries, with a gross asset value exceeding €740-million.
The two malls, namely City Center one Zagreb West and City Center one Zagreb East, are located in Zagreb, Croatia, and form part of Hyprop's South-Eastern Europe strategy to acquire dominant shopping centres through Hystead.
"The acquisition is further realisation of our strategy of investing in high-quality shopping centres that are dominant in their catchment areas. Both centres offer expansion potential with opportunity to further enhance the offering," Hyprop CEO Pieter Prinsloo said.
City Center one Zagreb West has potential to add 13 600 m² of gross lettable area (GLA), which would provide opportunity to introduce a special mall area for premium brands in Croatia.
City Center one Zagreb East has an additional 10 000 m² of GLA, which would encompass an extended food court, new fashion anchors and improved visibility from the main road.
"The majority of the leases are denominated in euros or are euro-linked, thereby providing currency stability and offering growth potential."
WKB 3 will retain a 10% interest in the shopping centres and its subsidiary CC Real will manage the two centres for an initial 18-month period.
Meanwhile, Hyprop, which owns 60% of Hystead, said it plans to separately list Hystead on the Euro MTF market of the Luxembourg Stock Exchange and on the main board of the JSE within the next six months.
A company associated with Hyprop nonexecutive director Louis Norval holds the remaining 40% of Hystead.
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