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Johannesburg - Redefine Properties Limited is in negotiations to increase its 33.3% stake in Hyprop Investments, the Stock Exchange News Service (Sens) said on Tuesday.
Redefine's portfolio is divided between retail, office and industrial properties. Hyprop focuses on super-regional shopping centres like The Mall at Rosebank and Canal Walk in Cape Town.
"It fits very nicely with Redefine's retail portfolio, which lacks big malls," said Old Mutual property analyst Evan Robins. "Big regional centres are regarded as the first prize for any property company."
According to Robins, the purchase will make Redefine much more like property giant Growthpoint.
"They're always in competition with Growthpoint in size," said Robins.
Growthpoint's market capitalisation currently stands at R21bn.
According to a Sens release by Hyprop on Tuesday, it was not formally approached by Redefine.
Hyprop reported a 6.5% increase in distribution per combined unit on Tuesday for the year to end-December 2009. Shopping centres contributed to 95% of distributable earnings.
Hyprop's distribution for the financial year ending December 31 2010 will be between 355c and 359c per combined unit.
- Fin24.com