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Hyprop expects to get R4bn from Africa sales as it tries to cut debt

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Hyprop’s shares have lost about a fifth of their value since Moody’s downgraded it in February because of its debt structure

Hyprop Investments, the owner of Rosebank Mall and Canal Walk,

Hyprop has taken a hit on its rest-of-Africa investment, having impaired that business by R1.1bn earlier in 2019. It is also grappling with a debt burden that ratings agency Moody’s Investors Service says is too high. Hyprop said on Friday that AttAfrica, in which it owns a 37.5% stake, had agreed to sell its interest in Ghana’s Achimota Retail Centre.Group CEO Morne Wilken said in a presentation to shareholders another asset sale in the rest of Africa could be wrapped up within a month.

Since the rand-denominated facility attracted an interest rate of about 8.8%, it would probably cost about R50m or R60m more to service, according to Wilken.

Source: Loan Digest (loandigest.net)

 

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