Share

Hyprop secures R9bn acquisition

Johannesburg - Property fund Hyprop Investments [JSE:HYP] said on Tuesday that it has concluded formal agreements regulating the terms of its offer to acquire the whole of Attfund Retail for R8.986bn.

The transaction is less the value of Attfund Retail's debt as at the effective date of the offer.

Hyprop said the deal will increase its portfolio to 22 properties with a gross value of about R20bn, almost doubling its size while enabling it to retain its retail focus.

Hyprop plans to issue 112 million of its combined units at R54, totalling R6.048bn, while the balance will be in cash.

The deal is subject to conditions, including Attfund Retail shareholders' approval.

On implementation of the offer, the Attfund Retail shareholders will pay a R130m transaction fee to Redefine Properties.
 
The fee will be settled out of the cash portion of the consideration.

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

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.96
-0.3%
Rand - Pound
23.95
-0.2%
Rand - Euro
20.47
-0.0%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.3%
Platinum
911.00
+1.6%
Palladium
1,012.02
+1.0%
Gold
2,213.44
+0.9%
Silver
24.79
+0.6%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders