Hyprop sells half of Woodlands Boulevard for $49.6 million, keeps stake for future growth

Hyprop Investments, a South African real estate investment trust specializing in prime retail centers across South Africa and Eastern Europe, has sold a 50 percent undivided share in the Woodlands Boulevard shopping center, along with its rental operations, to Primegrowth Retail Property, Witfontein Mile and Twin City Trading 2 for a combined R791 million ($49.6 million).

Woodlands Boulevard, in eastern Pretoria near eight residential estates, has a retail gross lettable area of 72,382 m², 159 stores, and 4,200 parking bays, drawing about 6.8 million visitors annually. Previously fully owned by Hyprop Investments, the recent transaction reduced Hyprop’s stake to 50 percent, with the remaining half sold for future growth.

New co-owners join Hyprop at Woodlands

The sale, announced Monday, February 9, 2026, reflects Hyprop’s focus on optimizing its portfolio while maintaining exposure to Woodlands Boulevard’s growth. “This transaction is about capital recycling, not exiting,” said CEO Morné Wilken. “It allows us to invest in the Western Cape and Eastern Europe, while retaining our 50 percent stake in Woodlands Boulevard and continuing to deliver sustainable, risk-adjusted returns for our investors.”

The trio of buyers previously partnered with Hyprop in the 2021 disposal of Atterbury Value Mart, which Hyprop said would ease the transition. Asset management responsibilities will now be shared between Hyprop and the new co-owners, with Twin City overseeing on-site property management. Wilken emphasized continuity: “Woodlands Boulevard is a high-quality asset. Keeping our stake ensures we stay involved in its future development.”

Hyprop forecasts 12% income growth

Hyprop, one of South Africa’s leading retail-focused REITs, manages mixed-use precincts anchored by major shopping centers such as Canal Walk, Rosebank Mall, Somerset Mall, and The Glen. These centers are key economic hubs, attracting premium tenants, generating consistent shopper traffic, and supporting local employment.

Under Wilken, who has led Hyprop since January 2019, the company projects income growth of up to 12 percent for 2026, following strong results for the year ended June 30, 2025. Revenue rose 8.9 percent to R6.9 billion ($397.46 million) from R6.34 billion ($364.03 million), driven by solid trading in South African assets and resilient demand in Eastern European malls.

Tenant turnover increased 6.1 percent in South Africa and 10.2 percent in Eastern Europe. Distributable income per share rose 7.3 percent to R4.09 ($0.235) from R3.81 ($0.219), supported by portfolio performance and lower financing costs. Hyprop’s total market value stands at R25.4 billion ($1.46 billion).