Property group Marriott, which manages SA Retail Properties, has launched a new defensive action in its battle to stop a takeover of SA Retail by rival Hyprop Investments.

Listed property loan stock company Hyprop Investments has welcomed the news that rival Marriott funds SA Retail Properties and Martprop are scrapping their proposed property transaction.

Listed property loan stock company is confident that it has the support of its unitholders for its takeover of rival SA Retail Properties.

Property group Marriott upped the ante yesterday in its bid to protect SA Retail, which it manages, from a hostile takeover by Hyprop Investments.

Marriot says the unitholders of rival listed property fund Hyprop Investments stand to lose out if Hyprop proceeds with its takeover plans of SA Retail.

Hyprop currently has an offer out on SA Retail. Lindsay Williams gets Simon Pearse, chief executive of competitor Marriott Property Services (Martprop) on the line about that offer

Hyprop has come out with an equity or cash offer to unitholders of SA Retail.

SA Retail Properties has been on a unitholder roadshow to promote a planned transaction with Martprop.

Listed property loan stock company Hyprop Investments is confident that SA Retail Properties unitholders will support its hostile takeover bid of the company.

Durban-based Marriott and its four listed funds - SA Retail, Martprop, Ambit and Oryx - are the most vulnerable in the sector to the predations of their peers