h y prop
i nvestments
“2012 was a good year and a major success was the conclusion of the Attfund Retail portfolio deal and integration of the respective centre and regional management and information systems into the Hyprop Group,” says Prinsloo. “Hyprop also co-invested with the Atterbury Group in line with our Africa investment strategy.” “Another highlight was the start of the Rosebank Mall redevelopment at a total cost of R920 million.” Many investors feel that it is the time to invest in Sub-Saharan Africa, where many countries are showing good growth. Atterbury Africa is taking a focused approach, working with South African retailers and targeting countries that can accommodate several investments. Ghana has been the focus of its attentions, where it has acquired a significant interest in the successful
Accra Mall in Ghana and where it is planning to develop further shopping centres. The Atterbury Group is a valuable partner to have as it has experience both in domestic and African property development, Prinsloo says. “Atterbury Africa purchased a 47 percent interest in the 19,000m2 Accra Mall in Ghana and, in addition to this development, West Hills Mall in Accra has also commenced. The malls follow similar trends as in South Africa with the presence of national tenants and design criteria, which supports Hyprop’s high quality philosophy.Hyprop’s focus is to develop and own quality shopping centres and this joint venture affords us the perfect opportunity in Africa.” Redefine Properties announced the disposal of 19 percent of its holding in Hyprop in March, reducing its stake in the fund to just over 11 percent.
Standard Bank Standard Bank Real Estate Finance is proud of the strong and established relationship with the experienced management team of Hyprop Investments Limited (Hyprop). The Standard Bank team has worked closely with Hyprop, in structuring the financing solution for a large number of property acquisitions and developments over the years. Standard Bank provides senior debt funding to Hyprop, and in 2012, was mandated as the lead arranger and JSE Debt Sponsor in Hyprop’s ongoing R5bn Domestic Medium Term Note Programme (DMTN). Hyprop has a wealth of experience, offering investors access to ownership of the highest quality shopping centres in South Africa. The R20bn fund has a proven track record of consistent growth in returns, averaging 17.1% distribution growth per annum, and 27% unit price growth per annum since 2004. Standard Bank continues to work closely with Hyprop, recently advising on the Hyprop Mauritius corporate structure, and providing US$60m of funding that will be used to fund Hyprop Mauritius’ 37.5% investment in Atterbury Africa, an African property development fund.
Development at Rosebank Mall
Standard Bank has also advised Hyprop and successfully executed appropriate interest rate hedging strategies. Standard Bank’s depth of property knowledge and experience, and the full range of products and services on offer, locally and across the African continent, will continue to enable Standard Bank to partner with Hyprop and help drive their business forward. Tel +27 (0) 11 721 8367 Email Bevan.Williams@standardbank.co.za
www.standardbank.co.za
60
www.aFRICAoutlookmag.com