Hyprop Investments (HYP) announced on Friday that it had concluded an agreement with Fountainhead Trust (FPT) to dispose of Attfund Retail's 25% undivided share in Centurion Mall to Fountainhead.

The disposal is subject to and effective upon the effective date of the Hyprop acquisition of Attfund Retail for 8.986 billion rand.

The disposal consideration is about 751.5 million rand plus any amount paid or incurred by Attfund Retail in respect of the Pick n Pay extension at Centurion Mall.

The disposal consideration will be settled in cash. The impact of the disposal on Attfund Retail's forecast contained in the circular was not material, Hyprop said.

The acquisition of Attfund Retail remains conditional upon, inter alia, the implementation of the Attfund Retail restructure, which has taken longer than anticipated due to delays in transferring certain of the properties to Attfund Retail.