Emerging economies in Africa offered Hyprop, the JSE-listed shopping centre fund, opportunities to expand on quality existing centres in the continent and develop its own in these regions, CEO Pieter Prinsloo, said on Thursday.

In the past financial year, the company acquired 37.5 percent stake in Atterbury Africa, which had already increased its stake in Accra Mall in Ghana to 47 percent.

Atterbury Africa has started construction on the West Hills shopping centre in western Accra.

“At year-end, Hyprop, had invested R111 million ($12.5 million) of our R750 million ($85 million) total commitment,” Prinsloo said, adding Hyprop had successfully launched its investment into Africa and kicked-off the R920 million ($104 million) re-development of the Rosebank Mall, North of Johannesburg.

Prinsloo said Hyprop would continue enhancing its portfolio through appropriate acquisitions, expanding and enhancing existing shopping centres in line with tenant demand.

“Our focus remains on investment in dominant shopping centres both locally and across Africa, while continuing to dispose of any remaining non-core assets if the opportunity arises,” he said.

“Over the past 25 years Hyprop has consistently delivered sustainable income and capital growth, and in our quarter century anniversary year has again demonstrated solid growth.”

Hyprop exited further from non-core assets when it sold assets to the value of R524 million ($59 million).  These included the Southern Sun Hyde Park hotel and its 50 percent undivided share in Southcoast Mall, in South Africa’s KwaZulu-Natal Province. The redevelopment programme at Rosebank Mall is set for completion by the second half of next year.

“Construction is being carried out in a phased process and is progressing well. 90 percent of the lettable area has already been taken up in committed leases,” Prinsloo said. The shopping centre will increase its size to 62 000m².