Ikeja City Mall in Lagos has been sold for an undisclosed amount to two South African property funds, Hyprop Investments Limited and Attacq Limited.
The previous owners, Actis, RMB Westport and Paragon Holdings on Tuesday confirmed the sale.
SA Real Estate Investment Trust, Hyprop acquired a 75% interest in Ikeja City Mall and the JSE-listed real estate capital growth fund, Attacq has acquired the remaining 25%.
Actis has now sold its 60% majority stake, while Paragon Holdings and RMB Westport have both sold their 20% stakes in the mall.
Ikeja City Mall comprises more than 22,000m² and has a tenant mix anchored by Shoprite. The mall offers South African brands, including Mr Price, Spur, MTN and Markham, as well as international brands, such as Nike, Lacoste, Tommy Hilfiger, TM Lewin, Mango, iStore, KFC and Max Fashion.
The Mall is Hyprop’s first investment in Nigeria. Hyprop CEO Pieter Prinsloo said Hyprop was well placed to capitalise on opportunities across sub-Saharan Africa.
