Hyprop Investments has raised about R739m in an oversubscribed bookbuild to be used for its expansion projects.The mall owner said on Wednesday that it will issue about 12.6-million shares at R58.50 per share, representing a 1.4% premium to the 30-day volume-weighted average price per Hyprop share of R57.71 on July 7. The book was oversubscribed at this level. The company had initially planned to raise R500m.The bookbuild was managed by Java Capital.The new shares are expected to start trading on July 15.Hyprop intends to use the proceeds of the capital raised to fund new and organic growth opportunities and to maintain the group’s strong balance sheet.The group has identified new acquisition and expansion opportunities in Eastern Europe.It is also planning solar and battery energy storage system (Bess) projects at Canal Walk and Somerset Mall, the phase 3 extension at Somerset Mall and the extension at City Center one East in Croatia.Hyprop, which owns portfolios in South Africa and Eastern Europe, is on track to deliver full-year growth in distributable income per share within its previously provided range of 10%-12%.Last month the group said in an update for the five months to end-May that a steadily improving operational performance and a robust financial position set it on track to capitalise on market opportunities.Its South African portfolio, which consists of four retail centres in the Western Cape and five in Gauteng, reported a 5.5% rise in tenant turnover, while trading density grew by 4.4%.In the Western Cape, the group owns Canal Walk, Somerset Mall, Cape Gate and Table Bay Mall. Its Gauteng portfolio includes Hyde Park Corner, Rosebank Mall, Clearwater Mall, Woodlands and The Glen.In Eastern Europe (EE), it owns four retail centres in the capital cities of Bulgaria, North Macedonia and Croatia.In May, the group announced the acquisition of Galleria Burgas, a prime shopping centre located on the east coast of Bulgaria. The transaction aligns with Hyprop’s strategy to increase exposure in Eastern Europe, a region it has identified as offering superior risk-adjusted returns.The transaction is subject to approval by the Bulgarian Commission for Protection of Competition, which is progressing, and remains on track for the expected implementation date of the end of July, it said.The group has made significant progress with its solar-PV rollout, with The Glen’s phase 2 installation completed in June and Cape Gate’s project on track for completion in August. At Hyde Park Corner, its solar-PV and battery energy storage system installation will be completed in July, supporting uninterrupted operations and cost efficiency.The Canal Walk solar-PV project and Somerset Mall’s integrated solar-PV and Bess installations have secured approvals, with tenders progressing as planned.It will report its financial results on September 9.Business Day