Hyprop Investments’ property portfolio in South Africa continued on its growth trajectory during the six months to December 31, with trading density up by an average of 6%.
The company that manages and owns dominant retail centres in mixed-use precincts in key economic nodes in South Africa and Eastern Europe said this growth was due to its continuing efforts to enhance the relevance and competitiveness of the nine centres.
“Key trading metrics for the SA portfolio, including tenants’ turnover, trading density, and foot count, showed positive growth compared to the previous period, with a 6% increase in trading density for November and December 2024,” the REIT said in an operational update on Wednesday.
Total tenants’ turnover for the South Africa portfolio, which includes Canal Walk, Rosebank Mall, Hyde Park Corner, and Table Bay Mall, was up only 2% in December over December 2023, but average growth over six months was better at 4.9%.
The Eastern Europe (EE) portfolio's tenants’ turnover and trading density saw strong growth, highlighting the centres' dominant market positions and relevance. Retail centres in this portfolio include The Mall in Sofia, Bulgaria, and Skopje City Mall, North Macedonia.
The foot count was impacted by the Non-Working Sundays Trade Act in Croatia, which allows retailers to operate on only 16 Sundays per calendar year and prohibits trading on public holidays. The slight decrease in foot count was offset by strong growth of 8.8% in tenants’ turnover.
Total tenants’ turnover in the EE portfolio increased by 5.6% in December versus the same month a year before, and by 8.8% on average over the six-month period. The interim results are scheduled to be released on March 13, 2025.
BUSINESS REPORT