While Hyprop investments (JSE HYP) plans to exit its investment in sub-Saharan Africa, Grit Real Estate (JSE: GTR) remains committed spreading itself across the continent.
JSE-listed Hyprop which owns the likes of Rosebank Mall, Clearwater Mall and Canal Walk wants to sell its stake in AttAfrica. This comes after its Nigerian and Ghanaian property portfolio displayed lacklustre performance in the half year results which ended December 2018.
“Although quite a few African economies offer good growth opportunities, there are ongoing regulatory and fiscal challenges. Lower commodity prices have also impacted the economies relying on these to generate foreign inflows. This has made accessing foreign currency in these markets a challenge,” Kutama said.
But Grit Real Estate, the JSE’s only Africa-focused property play remains committed to the continent and wants to invest as much as… TO GET THE FULL STORY, CLICK HERE FOR MORE
Source: SA Commercial Property News http://www.sacommercialpropnews.co.za/property-investment/8984-mixed-feelings-about-african-real-estate.html