PRESS OFFICE

Hyprop disposes of Ikeja City Mall

Monday, 9 November 2020. Hyprop Investments ('Hyprop') has successfully concluded an agreement for the sale of Ikeja City Mall ('Ikeja'), a retail shopping centre situated in Lagos, Nigeria at the 30 June 2020 carrying value. Ikeja is owned by Hyprop (75%) and Attacq Limited (25%). The agreement was concluded with two new property funds that form part of the Actis Group and is still conditional on a number of conditions.

The sale is in line with the Group's revised strategy, comprising a number of key priorities, which include the exit of its African investments and the strengthening of its balance sheet. After the disposal of Ikeja the exposure to Africa (ex-South Africa) would have reduced by more than 70% over the last two years. The remaining exposure are interests held via AttAfrica in three malls in Ghana namely Accra Mall, West Hills Mall and Kumasi City Mall.

"The proceeds from the disposal will be used to settle all remaining US Dollar-debt, as well as other debt within the Group. We have made a lot of progress with the implementation of the revised strategy and I commend my team for the excellent work over the last few months," said Morné Wilken, CEO of Hyprop.