Retail-focused property fund Hyprop Investments (HYP) on Monday announced the re-appointment of Pieter Prinsloo as its new CE.

Property fund Hyprop Investments announced on Tuesday that it has concluded formal agreements regulating the terms of its offer to acquire the whole of Attfund Retail for R8.986 billion.

The South African listed property sector held its own throughout 2010 relative to other asset classes.

Property analysts have welcomed Hyprop Investments’ plans to buy its unlisted counterpart, Attfund Retail, saying the transaction is positive for the South African listed property sector in general.

Hyprop Investments has reached an in principle agreement with the Attfund Retail board to acquire the latter's entire issued capital for R8.986bn.

Owning shares in Hyprop Investments and Resilient Property Income Fund, means investors own some of the best retail property in SA.

In a few years’ time Old Mutual will regret offloading its property portfolio.

Property loan stock group Redefine Properties announced on Monday its mandatory offer for Hyprop investments closed last Friday. The offer was accepted by Hyprop unitholders holding 926 593 Hyprop units.

Hyprop has reported an 8.1% rise in distribution per combined unit to 174c for the 6 months ended June 2010 compared with 161c a year earlier.

Fitch Ratings has on Monday affirmed Redefine Properties national secured debt rating at 'A-(zaf)'.