Hyprop Investments (HYP), the listed South African real estate holdings company, says that its distribution per combined unit for the year ended 31 December 2003 will be significantly higher than that for the year ended December 2002 and the forecast for the year ended 31 December 2004 of 135.12 cents per combined unit.

In terms of the JSE's Listing requirements, "significantly" means a change of less than 10%, but regarded as price sensitive.

The company said the forecast was based on a number of assumptions with regard to rentals, vacancies, operating costs and interest rates on the borrowings procured for the acquisition of Canal Walk Shopping Centre, all of which have achieved results more favourable than were projected.

Hyprop combined unitholders were advised to exercise caution when dealing in their combined units until the release of the results during the last week of February.