Canal Walk and Hyde Park Corner owner says its malls are slowly recovering

canal walk and hyde park corner owner says its malls are slowly recovering

Sumary of Canal Walk and Hyde Park Corner owner says its malls are slowly recovering:

  • Photo: Photo24 The average monthly footfall in Hyprop’s malls is 7.6% lower than in 2020.But the company is ‘repositioning’ its malls to improve foot traffic and ultimately sales and rental income.
  • But this repositioning will lead to lower rental income growth in the next two years as Hyprop changes its tenant mix.
  • Because of this slow recovery, the rental discounts the company is still giving its tenants and reduced net property income that the group generated because of Covid-19 saw the valuation of Hyprop’s SA property portfolio decrease by R1.6 billion in the year to 30 June.
  • But the company has commenced several initiatives to strategically reposition its malls to improve footfall and help its tenants boost sales, which should translate into better rental income for it.
  • And during that time, the company told investors to expect relatively low rental income growth as the repositioning will require changes to the tenant mix of each mall.
  • But the group said that this “improvement” in the tenant mix should result in income growth in the long run.

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