July 1 2025 14:55
SOUTH AFRICA
Blue chip retail specialist, Hyprop Investments, has announced the sale of 50% of Hyde Park Corner. The group said that on Monday June 30 2025, it had entered into a sale agreement with MEP SPV 3, which is a business formed for the transaction. MEP SPV 3 is a wholly owned subsidiary of Millennium Equity Partners (Millennium). Hyprop would dispose of a 50% undivided share of the shopping centre together with the rental enterprise conducted thereon for R805m. Hyprop also concluded an agreement which provided for the option to dispose of the remaining 50% of the shopping centre. The landlord intends to sell the second half of the centre and its related businesses within the next two years. This would be through put and call arrangements with the current purchaser for Hyprop’s remaining 50% stake.
The disposal is consistent with Hyprop’s strategy to allocate more capital to the Western Cape and Eastern Europe and focus on regional malls rather than mid-sized malls. The proceeds will be allocated to reducing debt in the short term and for asset management initiatives, growth opportunities, solar-PV projects and new investments within Hyprop’s existing operations.
Millennium is a property focussed private equity fund, and its the general partner is beneficially owned by Stanger Enterprises, TF Holdings and Nisela Private Equity, none of who are related parties of Hyprop.
Hyde Park Corner opened in 1969 and is one of Hyprop’s original investments. In fact, it was the first fully enclosed decentralised shopping centre in South Africa. Over the years it has served a number of tourists who stayed at nearby hotels. During the 2010 Football World Cup, the Slovenia national team were resident at the Southern Sun which is located on its roof. It underwent a number of overhauls in the past decade and now boasts high-end luxury stores, a 4DX Nu Metro cinema, and an improved office section. Pick ‘n Pay will has exited the mall and be replaced by a Checkers. It also boasts an upper-market Woolworths. The mall also has luxury tenants who cater to upper market residents in the suburb of Hyde Park.
The mall struggled with a tired office offering for some years but recently shared workspace operator Workshop 17 started to operate in it.
Property Flash reported back in October 2024 that Hyprop was looking to sell the mall. The mall had already been shipped around for a potential sale for a number of months. Hyprop CEO Morné Wilken had said in 2024 the JSE-listed real estate investment trust (Reit) was more likely to buy retail assets in the Western Cape than in Gauteng over the next few years. Hyprop Investments owns blue chip shopping centres such as Canal Walk, Clearwater Mall, Rosebank Mall, The Glen, Somerset Mall and Cape Gate.
Hyprop is in a battle with PK Investments to take over European landlord MAS Real Estate.
alistair@propertyflash.co.za
