At a Glance
- Canal Walk and Rosebank Mall anchor Hyprop’s dominant retail footprint in key South African cities.
- Hyprop’s nine primary malls maintain low vacancies and deliver strong annual tenant turnover growth.
- Recent upgrades, solar projects and expansions bolster the portfolio’s investment value and resilience.
Hyprop Investments Limited, one of South Africa’s foremost retail-focused real estate investment trusts (REITs), with a R40 billion ($2.24 billion) portfolio spanning South Africa, sub-Saharan Africa, and Southeastern Europe.
The company with a market valuation of R17.7 billion ($992.82 million) on the Johannesburg stock exchange (JSE) manages strategically located mixed-use precincts anchored by some of the region’s most dominant shopping centres.
Across Gauteng and the Western Cape, Hyprop’s eight(8) major retail assets form the backbone of South Africa’s urban retail landscape—attracting premium tenants, driving consistent shopper traffic, and delivering resilient investment returns.
Despite macroeconomic headwinds, the portfolio has shown resilience. In the fiscal year 2024, Hyprop recorded an overall rent reversion of 5.8 percent, retail vacancies held low at 1.8 percent, and trading metrics such as tenant turnover and foot count continued upward.
Its flagship centres—like Canal Walk, Rosebank Mall, Somerset Mall, and The Glen—are not just retail destinations but vital economic engines that support local employment and commercial vibrancy.
Shore Africa spotlights Hyprop’s 8 primary South African retail properties, showcasing their strategic value, market relevance, and role in Hyprop’s broader growth and sustainability agenda.
1. Canal Walk Shopping Centre
Location: Cape Town, Western Cape
Status(GLA): 156,864m²
Ownership: 80 percent owned by Hyprop Investments
Canal Walk, 80 percent owned by Hyprop Investments, is a 156,864m² super-regional mall in Cape Town’s Century City. For the full year 2024, tenant turnover rose 4.4 percent to R7.7 billion ($432.05 million), trading density grew 3.4 percent, and foot count surged 10.1 percent. Twenty new stores opened, including Adidas, Calvin Klein Underwear, EA7 Emporio Armani, Takealot Pickup Point, and Freedom Adventure Park. Notable refurbishments included North Face’s only Western Cape store, New Balance’s facelift, and upgrades for Forever New, Bride & Co., Eurosuit, and Truworths. The centre continues to strengthen its position as the Western Cape’s leading retail destination through expansion and innovative tenant mix.
2. Rosebank Mall
Ownership: 100 percent
Location: Rosebank, Johannesburg, 2196, South Africa
Status(GLA): 91,081m²
Rosebank Mall, wholly owned by Hyprop, spans 91,081m² in Johannesburg. In the full-year 2024 saw tenant turnover up 10.9 percent, foot count grow 8.5 percent, and trading density rise 8.3 percent, reflecting an enhanced tenant mix. New stores included Uniq Clothing, Toys R Us, Wimpy, The Crazy Store, The Bed Shop, Pyjama Shop, and Edgars. Cell C, MTN, Vodacom, Telkom, and Flight Centre relocated. Management of SOKO District was internalised, while storage was outsourced. The Mall Offices underwent a R10 million ($561,051) upgrade, reinforcing Rosebank’s role as a vibrant urban shopping hub catering to diverse retail needs.
3. Clearwater Mall
Ownership: 100 percent
Location: Roodepoort, Gauteng
Status(GLA): 85,761m²
Clearwater Mall in Roodepoort, fully owned by Hyprop, covers 85,761m². In full-year 2024 performance declined, with tenant turnover down 1.1 percent, trading density slipping 0.2 percent, and foot count falling 2.5 percent. Challenges included anchor tenant underperformance, a November power failure, and road closures from a sinkhole. Fifteen new stores opened, including Nando’s, Under Armour, Sleepmasters, and Jeep. Relocations improved flow, involving Samsung, Capitec, Absa, Standard Bank, and others. Refurbishments were completed at Burger King, H&M, Cotton On, Wimpy, Mugg & Bean, Europa Art, Truworths, and Inky Shop, positioning the mall for recovery and renewed growth.
4. Woodlands Boulevard
Ownership: 100 percent
Location: Pretoria East, Gauteng
Status(GLA): 73,523m²
Woodlands Boulevard in Pretoria East, fully owned by Hyprop, is a 73,523m² regional shopping centre. Tenant turnover grew 4.7 percent in fiscal year 2024, while foot count jumped 20.6 percent—partly due to new counters—and trading density increased 1.3 percent. New stores included drive-thrus for Steers, Burger King, and Chicken Licken, plus The Fun Company, Yuppiechef, W Cellar, Krispy Kreme, and Ackermans Woman. Refurbishments and relocations enhanced WCafe, Miladys, Queenspark, Mugg & Bean, and Forever New. The centre remains a strong retail anchor in Pretoria, benefitting from consistent demand and strategic tenant upgrades.
5. The Glen Shopping Centre
Ownership: 75.15 percent
Location: Johannesburg South, Gauteng
Status(GLA): 78,727m²
The Glen Shopping Centre in Johannesburg South, 75.15 percent owned by Hyprop, spans 78,727m². Despite competition, tenants’ turnover grew 1.8 percent in fiscal year 2024, trading density rise 0.7 percent, and foot count increase 0.5 percent. New openings included Arthur Ford, Pep Home, Uniq Clothing, 22 Jump Street, Faro, Colours of India, and an Omoda/Jaeco dealership. The Glen’s stable performance reflects its continued dominance as a major regional shopping hub serving the southern Johannesburg market with an evolving tenant mix and a focus on customer experience.
6. Somerset Mall
Ownership: 100 percent
Location: Somerset West, Western Cape
Status(GLA): 70,190m²
Somerset Mall, fully owned by Hyprop, spans 70,190m² in Somerset West, serving the Cape Winelands and Helderberg. The tenant turnover rose 6 percent, foot count edged up 0.9 percent, and trading density grew 4.3 percent in fiscal year 2024. New tenants included Checkers FreshX, Checkers Liquor, Romens, Free Bird, Samsonite, and Hi-Tec. Cinema Connect refurbishment boosted the food court’s performance. A two-year expansion adding 5,400m² and a new food court starts October 2024, pending approvals. Somerset Mall remains fully let with robust demand, reflecting its strong regional appeal and growth trajectory.
7. CapeGate Shopping Centre
Ownership: 100 percent
Location: Cape Town Northern Suburbs
Status(GLA): 64,698m²
CapeGate Shopping Centre in Cape Town’s northern suburbs, fully owned by Hyprop, covers 64,698m². The tenant turnover grew 6.1 percent in fiscal year 2024, foot count surged 14.6 percent, and trading density increased 5.2 percent. New stores included iStore, Suzuki dealership, Nando’s, Bagworld, and Krispy Kreme. Refurbishments refreshed Ocean Basket, Clicks, Toys R Us, American Swiss, and Hungry Lion. The centre continues to thrive, leveraging its family-focused positioning and high visitor traffic to drive sales and tenant success in a competitive regional market.
8. Table Bay Mall
Ownership: 100 percent
Status(GLA): 60,956m²
Table Bay Mall in Cape Town, fully owned by Hyprop, spans 60,956m². Acquired for R1.68 billion, it was valued at R1.86 billion by June 2024, exceeding the purchase price. The full-year 2024 turnover surged 14.2 percent, trading density grew 11.6 percent. A 4,383 kWp solar project was completed, and extra generators are being installed. Integration is progressing, with leasing and repositioning underway. New tenant Skechers joined post-acquisition. Table Bay Mall is seen as a high-growth asset that strengthens Hyprop’s Western Cape portfolio and supports long-term performance.
