Property company Hyprop Investments announced Wednesday that Redefine has entered into an agreement to acquire an additional 19.687 million Hyprop units from Coronation Asset Management at a price of 50 per unit.

If implemented, the deal will mean that Redefine's stake in Hyprop will increase from 33.3% to 45.2%.

It will also trigger a mandatory offer to Hyprop unitholders at a price of R50 per combined unit in terms of the Securities Regulation Code on Takeovers and Mergers.

Redefine has advised its unitholders that the implementation of the acquisition is conditional on the approval of the South African Competition Authorities and Redefine unitholders being obtained by 31 August 2010.

If the acquisition is implemented and the mandatory offer is triggered, the Hyprop board will appoint an independent expert to provide advice to Hyprop unitholders on the mandatory offer.

In the interim, Hyprop will continue to keep unitholders updated on any developments in relation to the acquisition and the mandatory offer as and when these developments come to the attention of the board.