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Hyprop in R8.986bn bid for Attfund

Johannesburg - Property fund Hyprop Investments [JSE:HYP] said on Monday that it had reached an in-principle agreement with the Attfund Retail board to acquire its entire issued capital for R8.986bn.

The deal is less the value of Attfund Retail's debt.

Hyprop will fund the deal through the issue of 112 million Hyprop combined units at R54 per unit, totalling R6.048bn. The balance will be settled in cash.

Upon implementation of the offer, the Attfund Retail shareholders will pay a R130m transaction fee to Redefine Properties [JSE:RDF].

The fee will be settled out of the cash portion of the consideration.

The payment of the fee by the Attfund Retail shareholders will be subject to approval of an independent majority of Hyprop unitholders.

The proposed offer remains subject to a number of conditions, including the conclusion of formal agreements within seven business days of the date of this announcement and all requisite unitholder and regulatory approvals.

Attfund's portfolio includes Clearwater Mall in Gauteng and the Garden Route Mall in George.
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