Hyprop’s Hyde Park Corner shopping centre sale falls through

Another deal JSE-listed property counter Hyprop hoped to finalise has fallen through. This time it is the sale of one of its oldest assets, the Hyde Park Corner shopping centre in Johannesburg.

The group confirmed in a Sens announcement after the market closed that the planned deal has been “terminated” as the buyer was not able to fulfil certain conditions of the transaction. When it first announced the deal in July 2025, the sale of an initial 50% stake was valued at R805 million.

Read: Hyprop sells half of Hyde Park Corner

The buyer was a little-known, private property company called Millennium Equity Partners. The group just had one retail asset on its books (the 4 000m² Crescent Shopping Centre), according to its website.

“Shareholders are referred to the announcement published on 1 July 2025 regarding the disposal of a 50% undivided share in Hyde Park Corner to a wholly owned subsidiary of Millennium Equity Partners Proprietary Limited, as well as the option to dispose of the remaining 50% undivided share in due course,” Hyprop’s Sens noted.

“The transaction was subject to the fulfilment of various conditions precedent. Shareholders are hereby advised that the transaction has terminated due to the non-fulfilment of certain of the conditions precedent by the purchaser,” the Rosebank-based group said.

“As a result, the option transaction has also terminated,” it added.

Hyprop has been trying to sell the 38 257m² Johannesburg property for several years, as it focuses more on the Western Cape.

Hyde Park Corner was one of the first assets on its books when it listed in the late 1980’s on the JSE. The mall is also home to the Southern Sun Hyde Park hotel. However, the hotel part of the property is owned by JSE-listed Southern Sun directly.

When the deal was announced, several property industry analysts and commentators were sceptical it would go through, with most not aware of the operations of Millennium Equity Partners.

This is the second deal Hyprop has failed to close in the last year. It tried to buy MAS Plc, in a high-profile takeover fight with the Central and Eastern Europe-focused group’s founding shareholders in 2025.

Read:
Hyprop walks away from MAS deal over DJV secrecy [July 2025]
Battle for MAS: Hyprop’s offer branded misleading, value-destructive [July 2025]
Prime Kapital’s strategy for MAS and what it means for shareholders [July 2025]
Hyprop sees ‘MAS’ opportunities in Eastern Europe [June 2025]
PKI launches bid for MAS shares [Aug 2025]

Meanwhile, Hyprop noted in its Sens update on Thursday that: “Hyde Park Corner’s operating performance continues to improve following a reduction in vacancies and enhancements to the tenant mix.”

This includes the new Checkers Fresh-X, which opened in August 2025, and the recently opened Al Capone store. It said the Checkers store “is trading well”.

The group added that it has also commenced with an integrated battery and solar PV project at Hyde Park Corner, which will enhance mall’s operating income once completed.

Read: Checkers will open flagship in vacated PnP Hyde Park space [March 2025]

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