South Africans buy two malls for EUR 200 mln
Investment & financeschedule 15 February 2016
Delta City Podgorica was sold for EUR 75 mln
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SERBIA/MONTENEGRO South African shopping centre REIT Hyprop Investments has acquired a 60 pct stake in Serbian mall Delta City Belgrade purchased from Delta Real Estate Group (Delta), and Montenegrin mall, Delta City Podgorica, purchased from Hemslade Trading Limited Cyprus (Hemslade) and Delta. Homestead Group Holdings Limited, a company associated with Louis Norval, a non-executive director of Hyprop, has acquired the remaining 40 pct of both shopping centres.
The total value of the purchase comes to EUR 202.75 mln, of which Hyprop’s effective share is EUR 121.65 mln. Delta City Belgrade was purchased for EUR 127.75 mln, of which EUR 111.94 mln is payable to Delta and the remainder will be used to settle existing debts. Delta City Podgorica has been acquired for EUR 75 mln, of which EUR 60.15 mln is payable to Delta and Hemslade and EUR 14.85 mln will be used to pay debts. UK registered company Hystead has been set up for the ownership of both shopp
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