The mall owner has a strong interest in the retailer’s survival, given that the owner of Edgars, Jet and CNA occupied 9.2% of its gross lettable area at the end of December
Blue-chip mall owner Hyprop Investments says it might take a stake in Edcon to support the struggling group, which is Southern Africa’s biggest non-food retailer.
“New tenants have been secured for most of this space and Hyprop is confident of its ability to re-let the balance.”This “may include Hyprop subscribing for an equity interest in Edcon”. Hyprop said on Friday it grew distributable income by 5.6% to R985m in the six months to end-December as strong growth from its SA and European shopping centres was offset by a lacklustre performance in the rest of Africa.
Given the tough trading environment, “this performance bears testament to the high quality of the group’s SA property portfolio”.“The portfolio continues to exceed expectations with pleasing growth on the back of low vacancies and asset management initiatives,” Hyprop said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fortress ready to let go of its stake in ResilientReal estate investment trust looks to distance itself from the former Resilient stable of property companies
Read more »
Trump hails ‘great meeting’ with Kim in high-stakes summitNo word on Pyongyang eliminating its nuclear arsenal, but leaders may sign a political statement to declare the 1950-53 Korean War over
Read more »
Ex-minister Nyanda details run-ins with Guptas, Duduzane ZumaWhen he asked the reason for being fired, as his departments was doing well, 'president Zuma mumbled something about the SABC'.
Read more »
Despite Nigerian run-ins, MTN’s earnings nearly doubled in 2018In 2018, the mobile operator was slapped with demands totalling $10.1bn from Nigerian regulators
Read more »
Court considers former Mozambique minister’s extraditionBoth the US and Mozambique want Manuel Chang on fraudulent loans charges
Read more »