Hyprop and Attacq acquire Ikeja City Mall

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South African real estate investment trust, Hyprop has acquired a 75% interest in Ikeja City Mall and the JSE-listed real estate capital growth fund, while Attacq acquired the other 25%. This marks Hyprop's first investment in Nigeria.

The sale of Ikeja City Mall which is Lagos’s largest mall and previously owned by Actis, RMB Westport and Paragon Holdings on Tuesday confirmed the sale. from emerging markets investor Actis and partners RMB Westport and Paragon Holdings.

Actis has now disposed of  its 60% majority stake, while Paragon Holdings and RMB Westport have both disposed 20% stakes in the mall.

Opened in 2011 has over 22 000 m² retail space

The mall is a world class retail and leisure development initiated by Actis in 2011, comprising 27,000 square metres of gross built area and 23,000 square metres of lettable area.

The mall accomodates about 100 shops, that include Shoprite’s latest generation store of over 4,400 square metres, Mr Price, Spur, MTN and Markhams, Nike, Lacoste, Tommy Hilfiger, TM Lewin, Mango, i-Store, KFC and Max Fashion. The design of the mall also incorporates informal meeting places, a food hall and five screen Silverbird Cinema.

Hyprop CEO Pieter Prinsloo

Hyprop CEO Pieter Prinsloo commented “Hyprop is well‐placed to capitalise on opportunities across sub-Saharan Africa, because of its strategic alliance with the Atterbury Group and Attacq, whose combined expertise facilitates taking advantage of  opportunities as they arise, within SSA” .

 MornĂ© Wilken  CEO Attacq also noted  that the strategic investment in Ikeja City Mall is part of the group’s broader African investment strategy and was completed with the help of its AttAfrica team.

He also noted that this was the groups first investment in Nigeria, a market in Africa with fantastic growth prospects. And that it will add to their  in the growing investment portfolio of dominant, quality retail malls within sub-Saharan Africa.

Meanwhile,  David Morley Actis real estate head stated that the sale echoed  the strong opportunity in retail that exsist within the  West African region and the interest of  institutional investors in sub-Saharan African real estate assets.

Actis has a proven record of delivering A-grade real estate assets within sub-Saharan Africa, with attractiiveness to international and local institutional investors.