SA firms withdraw from Nigeria and Ghana

Two of SA's largest shopping centre owners, Hyprop Investments and Attacq, will sell the direct interests they jointly hold in some Nigeria and Ghanaian malls in a deal valuing their equity in the properties at just over $50m. Fin24 reports that the share purchase transaction will see both Hyprop, which owns properties such as the Mall of Rosebank and Canal Walk, and Mall of Africa owner, Attacq, taking far smaller indirect interests in sub-Saharan Africa-focused property fund, Lango Real Estate. The move is part of Hyprop and Attacq's plan to reduce their exposure to sub-Saharan Africa. The transaction involves three malls in Ghana (Accra Mall, Kumasi City Mall and West Hills Mall) and the Ikeja City Mall in Nigeria. In terms of the transaction, Attacq and Hyprop's total equity stake in the Nigerian property is valued at just over $32m, while the Ghanaian portfolio equity value comes to $27m.