Listed South African retail property fund, Hyprop Investments Limited (HYP), says it has elected to dispose of its units in fellow listed property fund - SA Retail Properties (SRL) - to the Public Investment Corporation (PIC) for 1.1 billion rand, electing to exit the fellow property fund in a single cash transaction at a premium. 

 
Hyprop says they plan to reinvest the profits from the sale in new expansion opportunities.
 
Hyprop ended Tuesday at 38.52 rand, a gain of 25 cents, while SRL was untraded at 10 rand.
 
CEO of Hyprop, Pieter Prinsloo, says: "Hyprop is not in agreement with SA Retail's investment strategy and therefore strategically decided to exit the fund. In the interests of our unitholders we have sold for cash at a significant profit in a clean, swift manner and can utilise the proceeds to further our proven growth strategy."