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© Nadezhda Chipeva, Capital
The owner of first-class shopping centers, including The Mall in Sofia – Property WriterHyprop Investments, is looking for growth opportunities, while the South African economy is in recession, reports Business Day.
The publication claims that the South African fund is considering buying its investment partner in Eastern Europe. The company owns 60% of Hystead, a joint venture with PDI Investment Holding, which owns the other 40%. Hystead owns 6 shopping centers, valued at 807 million euros, in Bulgaria, Serbia, North Macedonia, Croatia and Montenegro.
The Bulgarian shopping center was acquired in 2017 by the UK-based investment fund.
The company management reports that it is very likely that it will buy a stake in PDI and thus acquire 100% of Hystead.
The plan for Hystead was to be listed separately, but the coronavirus crisis makes this unlikely. We are in talks with PDI and one possible way out is to take full control of Hystead. In this way, the company can become a springboard for growth in the region, which is currently relatively more attractive than many others, “said Morne Wilkin, CEO.
The fund’s management says it has used the past two years to reduce its debts, for which the fund has been criticized in the past by analysts. Now the management reports that for these two years the debt has been reduced by $ 271 million.
