South African property giant buys R2 billion shopping mall

• South African property giant Hyprop Investments has acquired the Galleria Burgas Mall in Bulgaria for approximately R2 billion.
• The acquisition is part of Hyprop's strategy to expand its presence in Eastern Europe, with the mall located in the fourth largest city in Bulgaria, serving a metropolitan population of approximately 400,000.
• The transaction will increase Hyprop's exposure to Eastern Europe to 37% by gross asset value, with the company taking on Galleria Burgas EAD's senior debt of €73.3 million (R1.4 billion).