Competition Commission approves Hyprop Somerset Mall acquisition

Posted On Tuesday, 30 July 2013 10:32 Published by eProp Commercial Property News
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The Competition Commission approves Hyprop Investments' acquisition of Somerset Mall from Sycom Property Fund

Somerset Mall Shopping Centre

Unitholders are referred to the previous announcements published on SENS advising that Hyprop and Sycom Property Fund ('Sycom'), through its manager, Sycom Property Fund Managers Limited ('SPFM'), had concluded an agreement in terms of which Hyprop will acquire 100% of Somerset Mall Shopping Centre in the Western Cape ('Somerset Mall') for R2.3 billion.

The purchase price will be settled by Hyprop transferring 81 500 000 Sycom units to SPFM.

Unitholders are advised that the Competition Authorities have approved the transaction.

The transaction will be unconditional on transfer of the remaining 50% of Somerset Mall to Sycom. This is anticipated to occur in the next few months.

Last modified on Thursday, 17 April 2014 13:25

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