Hyprop has announced an agreement in place to sell their jointly-owned Sub-Saharan assets with Attacq in Nigeria and Ghana to Lango Real Estate Limited. This news follows Hyprop’s previous disclosure of its intent to limit its exposure to the Sub-Saharan market and focus on its South African and Eastern European portfolios. Consequently, for an aggregate purchase price of R1 Billion, Hyprop and Attacq will dispose of the following assets:

• Ikeja City Mall in Lagos, Nigeria.
• Accra Mall in Accra, Ghana
• Kumasi City Mall in Kumasi, Ghana
• West Hills Malls in Accra, Ghana

Disposal of the Ikeja City Mall (ICM)

Hyprop Mauritius and Attacq are shareholders of Gruppo Investment Nigeria Limited, a special-purpose vehicle set up to own Ikeja City Mall. Hyprop Mauritius, through its subsidiary Hyprop Ikeja, holds 75% of the shares in Gruppo while Attacq, through AIHI Ikeja, holds 25%.

Therefore, for an aggregate purchase price of US$32,010,597 to be apportioned between Hyprop (US$24,108,679) and Attacq (US$7,901,918), net of debt (“Gruppo Purchase Consideration”), the purchase is contingent on certain conditions being met before the longstop date of 31st December, 2024. 

The Gruppo Purchase Consideration will be settled by the issue of class A shares in Lango Real Estate Limited to the sellers in their respective proportions (“Gruppo Consideration Shares”) calculated at an issue price of US$4.19 per Gruppo Consideration Share on 30th June, 2025.

Recall that Actis previously had an agreement in place to acquire 50% shares in Ikeja City Mall for its West Africa NREIF as highlighted in our African Capital Trends Report. However, as disclosed by Hyprop, the conditions precedent to the sale were not fulfilled by the longstop date, resulting in the termination of the agreement.

Disposal of Accra, Kumasi City, and West Hills Malls

Similarly, Hyprop Mauritius and Attacq each hold 50% shares in AttAfrica Limited, a shareholder in three malls in the following capacity: 

• 50% of the shares in Accra Mall (Mauritius) Limited (“AMML”) which owns a 93.94% effective interest in Accra Mall (including the undeveloped land adjacent to Accra Mall)
• 98.22% of the shares in Delico Property Developments Limited which owns a 100% effective interest in Kumasi City Mall and a 60% effective interest in West Hills Mall

Hence, contingent on the fulfillment of certain conditions, Hyprop and Attacq will dispose of their shares in AttAfrica for an aggregate purchase price of US$27,306,002, net of debt (“AttAfrica Purchase Consideration”), apportioned as US$19,966,148 in respect of Hyprop Mauritius and US$7,339,854 in respect of AIHI (Attacq).

The AttAfrica Purchase Consideration will be settled by the issue of class A shares in Lango Real Estate Limited to the sellers in their respective proportions (“AttAfrica Consideration Shares”) calculated at an issue price of US$4.19 per AttAfrica Consideration Share on 30th June, 2025.

About Lango Real Estate Limited

Lango Real Estate Limited is a real estate company focused on generating compelling and sustainable investor returns through the acquisition of prime commercial real estate assets in key gateway cities across the African continent. Since its commencement in March 2018, the company has acquired over $600 million of assets under management. Lango currently owns The Wings Tower and Circle Mall in Lagos, Nigeria.

Formal Retail Registering Healthy Performance Despite Increased Capital Market Activity

The sale of these malls is in keeping with recent trends in the formal retail market as we’re seeing more capital market activity due to international investors opting to reduce exposure to volatile markets. Despite the sales, the Lagos formal retail market is registering healthy occupancy at an average of 86% across Grade A malls in the city according to the Estate Intel Retail Benchmark Report.

Upon successful completion of the sale, we expect all four malls to be incorporated into Lango Real Estate Limited’s income fund.

As always, we love your feedback! Join the conversation on Instagram and LinkedIn and let us know what you think about Lango’s intention to acquire Hyprop and Attacq’s sub-saharan African malls.