Redefine Properties Limited’s unitholders have voted in favour of the acquisition of an additional 19,7-million Hyprop units from Coronation Asset Management at R50 per unit

Redefine Properties' planned acquisition of Hyprop Investments has been set back after Hyprop's board recommended that shareholders reject the offer.

Retail property fund Hyprop Investments, on Wednesday announced that its board is recommending that combined unitholders reject the mandatory offer by Redefine Properties to Hyprop minority unitholders.

Redefine has received unconditional approval from the Competition Tribunal for the acquisition of 19 686 558 units in Hyprop Investment Limited.

Redefine Properties Limited has received unconditional approval from the Competition Tribunal for the acquisition of Hyprop Investment Limited.

Reserve Bank has granted approval for Redefine Properties to hold its interest in UK-based Ciref directly through a wholly owned South African subsidiary.

Redefine Properties has successfully let all the remaining vacant space in its prestigious Century City portfolio

Redefine Properties says it will probably still be earning fees from Hyprop Investments after the termination of its consultancy agreement with the company.

Hyprop has given three months notice of termination of its existing consultancy agreement with Redefine Properties Limited following the recent resignation of Wolf Cesman as joint CEO of Redefine.

Redefine executive director responsible for operations, David Rice says 84% of the leases that expired in the first six months of the financial year were renewed, and he expects a similar retention rate for the next six months