Hyprop Investments’ 60%-owned UK-based subsidiary Hystead has acquired Skopje City Mall, in Macedonia, south-east Europe, from Balfin Finance for €92-million.
Hystead, in which PDI Investment has the remaining 40% stake, now owns three properties in the region, in line with Hyprop’s Europe strategy.
“Our objective is to own a high-quality shopping centre portfolio in south-east Europe. Macedonia is a small, open economy which has taken great strides to strengthen its economy over the last decade,” said Hypop CEO Pieter Prinsloo.
The 37 600 m² Skopje City Mall, the largest in the country since opening its doors in 2012, is located in the capital city of Skopje, which has a population of 534 000 people in a country with real gross domestic product growth of 3.3% forecast for 2017.
“Skopje City Mall’s high occupancy, promising footfall, balanced tenant mix and expansion opportunities ensure that it is an attractive investment,” noted Prinsloo.