Hyprop Investments, the owner of malls including Rosebank, Hyde Park Corner and Canal Walk, trimmed its distribution by 1.5% for the year to end-June, largely as a result of a poor performance in sub-Saharan Africa.
The group’s performance to end-June was offset by a 174% slump in distributable earnings in the rest of Africa amid a depreciating rand and interest payments for Hyprop Mauritius. The company said on Wednesday it planned to divest from the rest of Africa within the next 12-18 months, saying while this could weigh on distributions in its 2020 year, it was expecting growth in 2021.
Ratings agency Moody’s Investors Service had downgraded Hyprop to junk status in February, citing an increase in debt after a spending spree funded new acquisitions in Eastern Europe.Hyprop intends to use the proceeds from the forthcoming sales of its assets, including Ikeja City mall in Nigeria, to reduce its debt.
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