Cenprop is in the process of winding down its assets.

More than 90% of Cenprop unit holders voted in favour of Hyprop's R320m offer, rejecting the R350m bid from property loan stock company Acucap and the R340m cash offer from insurance group Momentum, handled by RMB Properties.

The bidding process caused tempers to flare, with accusations that the offers had not been handled fairly by Cenprop's asset management company, Property Fund Managers.

An observer said yesterday Acucap's and Momentum's offers were not presented as alternatives to Cenprop unit holders. "The voting situation was such that it was the Hyprop offer or nothing."

Acucap said last week its offer had not been reflected accurately in a circular to Cenprop unit holders. Cenprop's fund managers rejected Acucap's claims this week and reaffirmed the recommendation of the Hyprop offer.

Acucap CEO Paul Theodosiou said yesterday: "Cenprop unit holders have spoken and we have accepted their decision".

Two other Cenprop assets, 2 Long Street in Cape Town and Southway Mall in Durban, drew an offer from Capital Property Fund.

Hyprop's R320m bid offered flexible settlement options whereby Cenprop unit holders could choose to take 100% cash, Hyprop units priced at R10,25 a unit, or a mix.

The deal will boost Hyprop's property portfolio to nearly R1,5bn.

Cenprop fund managers said that, taking into account the ruling price of Hyprop and Acucap units, the Hyprop offer was effectively superior.

Hyprop's linked unit price closed 2c weaker at R11,70 yesterday, while Acucap's linked units gained 10c to R10,10.