Hyprop and Attacq buy largest mall in Lagos
LOCAL property groups Hyprop and Attacq have bought the Ikeja City Mall, the largest mall in Lagos, for an undisclosed amount, it was announced on Tuesday.
Hyprop acquired a 75% interest in Ikeja and Attacq acquired the remaining 25%.
The sellers were private equity group Actis, real estate developer RMB Westport and Nigerian investor group Paragon Holdings.
Ikeja City Mall comprises more than 22,000m² and has a tenant mix anchored by Shoprite. The mall offers South African brands, including Mr Price, Spur, MTN and Markham, as well as international brands, such as Nike, Lacoste, Tommy Hilfiger, TM Lewin, Mango, iStore, KFC and Max Fashion.
Ikeja City Mall is Hyprop’s first investment in Nigeria.
Hyprop CEO Pieter Prinsloo said Hyprop was well placed to capitalise on opportunities across sub-Saharan Africa.
Attacq CEO Morné Wilken said the strategic investment in Ikeja City Mall formed part of Attacq’s larger African investment strategy. It is also Attacq’s first investment in Nigeria.
At 10.22am Hyprop was trading 0.88% lower at R118.78 and Attacq has lost 0.10% to R20.48.
