Redefine to benefit from Hyprop/Attfund deal

Posted On Thursday, 19 May 2011 02:00 Published by eProp Commercial Property News
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Hyprop’s acquisition of Attfund Retail was approved by Hyprop shareholders at a general meeting held on 13 May 2011

Marc WainerAll the resolutions required to implement the transaction were approved by the requisite majorities, and the acquisition remains conditional on the implementation of the Attfund retail restructure.
 
The transaction was initiated by Redefine Properties. On implementation, Redefine will receive a transaction fee from Attfund amounting to R101 million net, translating into 3,8 cents per linked unit, which will form part of the distribution for the six months ending 31 August 2011. Redefine’s shareholding in Hyprop will reduce from 45.7% to 29.4%. The value of the investment remains unchanged and Redefine will still be the largest shareholder in Hyprop.
 
The transaction will see the merger of two high quality retail portfolios, which entrenches Hyprop’s specialist retail focus. Redefine CEO Marc Wainer says the company remains supportive of the transaction as it will ensure good long-term growth in distributions and capital appreciation.
 
“Redefine will however continue to evaluate its medium to long-term options with regards to its Hyprop investment. We are delighted to have Pieter Prinsloo back at the helm, and have confidence in the company’s new growth trajectory,” says Wainer.

Last modified on Saturday, 26 April 2014 09:12

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