PROPERTY loan stock company Hyprop Investments said yesterday it had secured an undertaking from more than 50% of Cenprop unitholders to support its R320m offer for Cenprop's prime assets.

This was despite the existence of two other offers for the same assets, a Rosebank shopping centre, The Mall, and an adjoining office building, JHI House.

The one other offer of R345m was from property loan stock company Acucap and another of R320m in cash was made by RMB Properties on behalf of insurance group Momentum.

Following these two offers Hyprop increased its offer from R304m to R320m.

Hyprop's CEO, Pieter Prinsloo, said Cenprop's unitholders support for the Hyprop offer meant that the conditions of the sale agreement have now largely been met, 'effectively making the acquisition a fait accompli'.

Prinsloo said that the sale remained subject only to standard regulatory approval and the resolution of the dispute between the Mall and the owner of Cradock Heights, Stephen Le Roith. Acucap's CE, Paul Theodosiou, was unmoved and said the group would continue canvassing its offer as it believed its was substantially better than Hyprop's.

He said that Cenprop unitholders were originally reluctant to commit, given that competing offers and purchasers had not yet been disclosed.