5. Joint operations
 

South African shopping centres, Canal Walk (80%) and The Glen (75,16%) are classified as joint operations. The group recognises its share of the assets, liabilities, income and expenses.

In terms of the co-ownership agreements, Canal Walk and The Glen are jointly controlled by Hyprop and Ellerine Bros.

  • Principal place of business:
    • Canal walk: Cape Town, South Africa
    • The Glen: Johannesburg, South Africa

The group’s share of the joint operations’ income and expenses are as follows:

  2018
R000		   2017
R000		  
  Canal Walk The Glen   Canal Walk The Glen  
Revenue 905 620 297 090   862 738 302 300  
Expenses (283 702) (87 659)   (274 428) (91 065)  
Interest received 2 187 173   2 269 197  
Depreciation (298) (123)   (22) (143)  
Net income 623 807 209 481   590 557 211 289