South African real estate firms acquire Ikeja City mall in Nigeria

1 February 2016

South African Real Estate Investment Trust, Hyprop Investments Limited and Attacq Limited have acquired Ikeja City Mall in Nigeria a popular shopping mall in the country.

Acquisition of the mall by the Johannesburg Stock Exchange (JSE) listed real estate capital growth fund has been confirmed by Actis and Paragon Holdings. Actis has committed a gross asset value of US$1.3bn to 17 institutional quality developments across seven countries.

Hyprop takes 75% interest shares while Attacq owns the 25% interest shares of the multi-million Ikeja City mall in Nigeria. According to Hyprop CEO, Pieter Prinsloo, the mall acquisition is well placed to capitalise on opportunities following its partnership with the Atterbury Group and Attacq, whose combined expertise facilitates exploiting opportunities as they arise across the sub-Saharan Africa.

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