AECI’s share price climbs 2.01% to close at R115.90 after the company enters into discussions regarding the sale of the bulk of its property assets in Modderfontein.

Monday, 15 April 2013 01:17

Hyprop exits Sycom through share swap

Hyprop will acquire the 66317m² Somerset Mall from Sycom Property Fund in a share swap arrangement, allowing Hyprop to exit its 34% stake in Sycom.

Leading JSE shopping centre fund, Hyprop today announced its R2,3 billion acquisition of Somerset Mall from Sycom Property Fund ("Sycom"), in line with strategy to invest in sizeable quality shopping centres.

Yield-enhancing acquisitions, A-grade properties and management's hands-on approach ensured that Sycom Property Fund weathered a tough office market and continued to grow earnings.

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