Hyprop Investments Ltd., South Africa’s third-biggest property company by market value, plans to invest as much as 3 billion rand ($272 million) building and acquiring shopping centers in sub-Saharan Africa.
The Johannesburg-based company will invest in the continent outside its home market through Atterbury Africa and African Land, it said in a statement today. Hyprop has allocated 1 billion rand to Atterbury Africa, in which it holds 37.5 percent, and 2 billion rand to African Land, a subsidiary of the company. The investment will be spread over the next five years, Hyprop said.
“Hyprop will continue to invest in large, quality shopping centers, improve the tenant quality across the portfolio and dispose of non-core assets,” the company said.
The real-estate investor owns 12 shopping centers among assets of 25 billion rand. Amid a slowing economy in South Africa, Hyprop is seeking growth on the continent, targeting fast-growing economies such as Ghana, Nigeria and Kenya. Hyprop currently owns assets, including malls and land, valued at $240 million in Ghana and Zambia.