Redefine Properties has announced that its unitholders had approved the implementation of the proposed acquisition of Hyprop Investments units from Coronation Asset Management.

Redefine Properties Limited’s unitholders have voted in favour of the acquisition of an additional 19,7-million Hyprop units from Coronation Asset Management at R50 per unit

Redefine Properties' planned acquisition of Hyprop Investments has been set back after Hyprop's board recommended that shareholders reject the offer.

Retail property fund Hyprop Investments, on Wednesday announced that its board is recommending that combined unitholders reject the mandatory offer by Redefine Properties to Hyprop minority unitholders.

Redefine has received unconditional approval from the Competition Tribunal for the acquisition of 19 686 558 units in Hyprop Investment Limited.

Redefine Properties Limited has received unconditional approval from the Competition Tribunal for the acquisition of Hyprop Investment Limited.

Redefine Properties says it will probably still be earning fees from Hyprop Investments after the termination of its consultancy agreement with the company.

Hyprop has given three months notice of termination of its existing consultancy agreement with Redefine Properties Limited following the recent resignation of Wolf Cesman as joint CEO of Redefine.

The South African property sector presents companies such as Redefine Properties with a scenario that is “extremely” favourable for accretive deals capable of enhancing a property company’s bottom line.

Redefine Properties Limited has concluded an agreement with Coronation Asset Management to acquire an additional 19,7-million units in Hyprop Investments Limited and is now canvassing minority shareholders