More than 60% of unitholders in listed property fund Hyprop Investments Ltd (HYP) have voted in favour of Hyprop's takeover bid for rival property group SA Retail Properties Ltd (SRL).

The Bottom Line: Hyprop’s position

The Hyprop share is up 2.3% to R24 buoyed by the booming property market - also the news that more than 60% of Hyprop unit holders are in favour of taking over rival property group SA Retail.

Hyprop Investments has adjourned its general meetings called to vote on the group's takeover bid for rival SA Retail, saying it would be doing further canvassing of SA Retail unitholders about its takeover prospects

Hyprop Investments has adjourned its general meetings called to vote on the company's takeover bid for rival property fund SA Retail

Property group Marriott, which manages SA Retail Properties, has launched a new defensive action in its battle to stop a takeover of SA Retail by rival Hyprop Investments.

Listed property loan stock company Hyprop Investments has welcomed the news that rival Marriott funds SA Retail Properties and Martprop are scrapping their proposed property transaction.

Listed property loan stock company is confident that it has the support of its unitholders for its takeover of rival SA Retail Properties.

Property group Marriott upped the ante yesterday in its bid to protect SA Retail, which it manages, from a hostile takeover by Hyprop Investments.

Marriot says the unitholders of rival listed property fund Hyprop Investments stand to lose out if Hyprop proceeds with its takeover plans of SA Retail.