Hyprop disposes of SA Retail units

Posted On Thursday, 18 January 2007 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Hyprop has elected to dispose of its units in fellow listed property fund - SA Retail Properties - to the Public Investment Corporation

Pieter PrinslooListed 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."

 

 

Last modified on Saturday, 26 April 2014 17:04

Most Popular

Equites Property Fund’ prime logistics portfolio delivers exceptional returns

May 04, 2022
Andrea Taverna-Turisan
Equites Property Fund Limited today announced growth in its distribution per share of…

When is eviction legal? All you need to know about dealing with problem tenants

May 04, 2022
Evictions
Buying an investment property is great, especially when you’ve chosen a good location.…

Money laundering risks on the rise in real estate

May 05, 2022
James George
Property practitioners in South Africa have been identified as potentially vulnerable to…

Fairvest to list on A2X

May 04, 2022
Fairvest Limited has been approved for a secondary listing on A2X Markets and will be…

Dipula reports solid interim results; all conditions precedent for the repurchase of Dipula A-shares fulfilled

May 05, 2022
Izak Petersen
South-African focused JSE-listed diversified REIT, Dipula Income Fund, today announced…

Please publish modules in offcanvas position.