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Canal Walk owner Hyprop reports jump in earnings amid Eastern Europe boost

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Hyprop Investments, whose interests include Canal Walk, Hyde Park Corner and Rosebank Mall has reported a climb in distributable income of almost a quarter in its year to end-June, with activity picking up in its SA centres, but growing by double digits in Eastern Europe.

Distributable income rose 24% to R1.45 billion to end-June, though distributable income per share rose only 18% given increased shares related to its 2022 dividend, at a 75% payout ratio.

It also owns 4 assets in Eastern Europe, two in Zagreb in Croatia, one in North Macedonia, and one in Sofia, Bulgaria. In 2023, the Eastern European portfolio had been consolidated for the entire year, compared to 3 months in 2022. Higher rates of inflation however drove double digit increases tenant turnover, but it added it is cautiously optimistic that the peak of inflation and interest rates will soon be reached, while growth prospects in Eastern Europe remain favourable.

"Although most of these costs can be on-charged to tenants, this increases their cost of occupancy and is not a sustainable long-term solution," the group said.

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