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Hyprop sells Grace hotel

Oct 07 2011 11:16 I-Net Bridge

Company Data

Hyprop Investments Ltd [JSE : HYP]

Last traded R58.45
Change R0.25
% Change 0.43%
Cumulative volume 287,775
Market cap R14.21bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

Sun International Ltd [JSE : SUI]

Last traded R82.40
Change R0.60
% Change 0.73%
Cumulative volume 169,299
Market cap R9.31bn

Last Updated: 25/05/2012 at 19:32. Prices are delayed by 15 minutes. Source: McGregor BFA

 

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Johannesburg - JSE-listed property loan stock company Hyprop [JSE:HYP] has concluded a deal to dispose of the Grace building in Rosebank to Southern Sun [JSE:SUI] for R85m.

The transaction encompassed the sale of the entire building including the hotel premises and offices.

"We are pleased to have concluded a speedy transaction, in this instance with Southern Sun which is keen to establish their first hotel in the Rosebank node," said CEO Pieter Prinsloo.

Southern Sun is planning to reopen the hotel under its own brand in the first half of 2012.

Hyprop's future focus in Rosebank remains the planned extensions to The Mall of Rosebank and increasing its retail footprint in this high-growth node. The Grace transaction is conditional on Competition Commission approval.

 
 
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