DISPOSAL OF CENTURION MALL FOR R750 MILLION
Hyprop today announced the disposal to Fountainhead Property Trust of Attfund Retail's 25% undivided share in Centurion Mall for R751,5 million. Fountainhead currently owns the remaining 75% undivided share in Centurion Mall.
Fountainhead has elected to exercise its pre-emptive right to acquire the 25% interest in Centurion Mall, triggered by Hyprop's acquisition of the Attfund Retail portfolio. The disposal remains subject to, and will become effective on, the effective date of Hyprop's acquisition of Attfund Retail. The effective date has to date been delayed by the transfer of Attfund's properties to Attfund Retail. The company expects the process to be completed imminently.
The disposal is in line with Hyprop's strategy to retain effective control of its shopping centres and has no material impact on Attfund Retail's forecast as set out in the Hyprop circular in respect of the Attfund Retail acquisition.
Further announcements will be made in due course.