MAS owned Moldova Mall in Romania underwent a redevelopment and reopened in April last year.
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Hyprop Investments announced on Wednesday an accelerated bookbuild was oversubscribed, raising R739 million by issuing 12,63 million new shares - the initial bookbuild was targeted to raise R500m.
The Real Estate Investment Trust (REIT) owns and operates premium shopping centres across South Africa and parts of Eastern Europe, including well-known malls such as Canal Walk, Hyde Park Corner, and Rosebank Mall.
The bookbuild was priced at R58,50 per share, representing a 1,4% premium to the 30-day volume weighted average price per Hyprop share of R57,71 as of July 7, 2026. The book was oversubscribed at this level.
Hyprop’s share price slipped 3,49% to R58,74 on the JSE Wednesday morning after the bookbuild closed; however, the price was still 32,7% higher than it was on the same day a year prior.
Hyprop said that the proceeds would be used to fund new and organic growth opportunities, which align with the group's strategy. These opportunities are expected to be earnings-enhancing and should deliver superior risk-adjusted returns while maintaining the group's strong balance sheet.
These opportunities include, but are not limited to, new acquisition and expansion projects in Eastern Europe, excluding the previously announced acquisition of Galleria Burgas in Bulgaria. Other projects include solar and battery storage initiatives at Canal Walk and Somerset Mall in Cape Town, the phase 3 expansion of Somerset Mall, and the extension at City Center One East in Croatia.
“Hyprop remains on track to deliver growth in distributable income per share of 10% to 12% for the year ending June 30, 2026,” the group stated in an announcement to the JSE’s news service. This guidance, initially set in September 2025 and reaffirmed in the pre-close operational update released on June 25, 2026, was unaffected by the capital raise.
The capital raise was managed by Java Capital, with participation by invitation.
Hyprop envisaged paying an antecedent dividend to shareholders alongside its final dividend for the year ending June 30, 2026, to avoid compromising current shareholders with the additional shares issued via the capital raise.
Hyprop reported growth in both its geographies, South Africa and Eastern Europe, for the half-year ending December 31, with a 5.4% increase in distributable income per share and a 12.9% rise in distributable income. The interim dividend climbed by 4.9% to 119 cents per share, with the full-year dividend payout ratio increasing to 82.5% from 80%.
The retail store vacancies remain low at an industry-leading 3.3% in South Africa during the first half, indicating a recovery in the operations of premium malls.
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