Hyprop has agreed to sell a 50% undivided stake in Woodlands Boulevard for R791m, a transaction that will free up capital for reinvestment while reducing the group’s concentration risk in Gauteng.
The deal follows the collapse of Hyprop’s planned sale of a 50% stake in Hyde Park Corner for about R800m.
According to the group, the purchase price for Woodlands Boulevard will escalate from August 2025 until transfer.
“This transaction reflects our prudent approach to capital allocation. It allows us to reinvest in the Western Cape and Eastern Europe, while retaining exposure to Woodlands Boulevard’s future growth and delivering sustainable, risk-adjusted returns for our investors,” said Hyprop CEO Morne Wilken.
Hyprop will retain a 50% interest in the Pretoria-based mall, preserving exposure to the asset’s long-term growth as the surrounding catchment continues to expand and densify, it said.
Hyprop owns a R42bn property portfolio, anchored by major retail assets including Canal Walk in Cape Town, Rosebank Mall in Johannesburg and Somerset Mall in the Western Cape. The group also has exposure to shopping centres in Eastern Europe, including Croatia and Bulgaria.
The buyers of the combined 50% stake in Woodlands Boulevard — three investors with an established track record — were also part of the consortium that acquired Atterbury Value Mart when Hyprop exited the asset in 2021. Hyprop said their experience positioned them as suitable partners for the next phase of the centre’s development.
“Under the terms of the transaction, asset management responsibilities will be shared between Hyprop and the new co-owners. The existing centre management team will remain in place, while Twin City will continue to oversee on-site property management, ensuring continuity for tenants, staff and shoppers,” Hyprop said.
Wilken said Woodlands Boulevard remained a high-quality asset, underpinned by strong retail demand and ongoing investment in its surrounding node. He added that Hyprop and its new partners had already agreed on initial steps to enhance the shopping experience at the centre in the coming months.
Noxolo Majavu
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