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2015 IN PERSPECTIVE

GROUP PROFILE AND STRATEGIC FOCUS

The core portfolio consists of premier shopping centres in South

Africa, including super regional centre Canal Walk, large regional centres

Clearwater Mall, The Glen Shopping Centre, Woodlands Boulevard,

CapeGate Shopping Centre, Somerset and Rosebank Malls, and regional

centre Hyde Park Corner. The portfolio also includes interests in Accra

Mall and West Hills Mall (both in Accra, Ghana), and Manda Hill Centre

in Lusaka, Zambia.

Our structure provides a solid foundation for growth. We have

11 prime shopping centres in South Africa, two co-owned. Quality

assets, strong contractual lease escalations and a sound balance sheet,

position Hyprop well to weather the impact of a challenging economic

environment. Our assets dominate in terms of average size, which helps

Investment proposition

Hyprop offers investors direct access to high-quality shopping

centres in sub-Saharan Africa and other emerging markets through

a transparent investment vehicle focused on income and capital

growth.

Each Hyprop shopping centre is distinguished by:

Q

Quality, size and location, catering to middle to higher-income

consumers

Q

Mix of flagship national and international retail tenants

Q

Being the preferred shopping destination in high-density,

metropolitan areas.

Held for sale R1,2 billion

Properties sold R51,3 million

Sub-Saharan Africa

(excluding SA)

R42,4 million*

Sub-Saharan Africa

(excluding SA)

R2,3 billion

5,8%

4,3%

8,2%

2,9%

2,4%

88,9%

87,5%

Core South African portfolio

R1,6 billion

Core South African portfolio

R25,0 billion

Investments

Distributable income

Investment profile

Held for sale R104,8 million

* After finance costs

Hyprop, Africa’s leading specialist shopping centre Real Estate Investment Trust (REIT), operates an

internally managed portfolio of shopping centres in major metropolitan areas across South Africa.

Hyprop also has a growing presence in sub-Saharan Africa, through a joint venture with Attacq

Limited (Attacq) and the Atterbury Group.

Group profile

to attract new concept and flagship stores, and are preferred locations

for international brands. These characteristics provide defensive

qualities in an economic downturn. In South Africa, our assets are

internally managed by capable, experienced teams. Our hands-on

approach allows us to effectively optimise our assets.

In terms of sustainable growth, we are well placed to capitalise on

African opportunities. Hyprop’s growing presence in sub-Saharan Africa,

in addition to Accra Mall in Accra, Ghana and Manda Hill in Lusaka,

Zambia; now also includes the 27 500m

2

West Hills Mall in Accra,

Ghana, which opened in November 2014, while construction is now

complete at Achimota Mall in Accra, which opened in October 2015.

Construction is under way at Kumasi City Mall in Kumasi, and is due for

completion in 2017.

Hyprop’s focus

Q

Sustainable income growth through contractual rental escalations

Q

To improve the shopping centre portfolio through reinvestment,

with continuous extensions and refurbishments

Q

Sound balance sheet

Q

Specialised and experienced internal management.

4

Hyprop Investments Limited

Integrated Report 2015