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13. Non-current assets classified as held for sale
continued
GROUP
June 2015
R000
GROUP
June 2014
R000
COMPANY
June 2015
R000
COMPANY
June 2014
R000
Stoneridge Shopping Centre
During October 2014, Redefine entered into an
agreement with Hyprop to purchase 100% of Stoneridge
Shopping Centre.
The effective date of this transaction was 1 April 2015 on
which date all risks and rewards relating to the shopping
centre were transferred to Redefine. Transfer of the
property has not yet taken place.
The shopping centre was sold for R492 million (including
an escalation amount of R12 million), of which R50 million
will be received on transfer date.
Hyprop’s share (90%) of the assets and liabilities of
Stoneridge were reflected at 30 June 2014 at their
carrying amounts as follows:
Assets
437 965
437 965
Investment property
432 000
432 000
Building appurtenances and tenant installations
2 053
2 053
Trade and other receivables
3 291
3 291
Cash and cash equivalents
621
621
Liabilities
797
797
Trade and other payables
797
797
Classified as held for sale in the statements of financial
position
437 168
437 168
Greenstone park
This land is adjacent to Stoneridge. It was not sold as
part of the Hyprop/Redefine sale agreement.
The land was valued by the directors at 30 June 2015 at
R1,7 million.
Assets
1
775
1
775
Investment property
1
775
1
775
Classified as held for sale in the statements of financial
position
1
775
1
775
CapeGate Lifestyle Centre
The centre was sold in two separate transactions during
2015. The CapeGate Value centre was sold for R30 million
and transfer took place on 19 December 2014.
The remaining part of CapeGate Lifestyle Centre was
sold for R323 million on 20 March 2015.
The assets and liabilities of CapeGate Lifestyle Centre
were reflected at their carrying amounts at 30 June 2014
as follows:
Assets
341 935
341 935
Investment property
338 000
338 000
Trade and other receivables
3 935
3 935
Liabilities
13 147
13 147
Trade and other payables
13 147
13 147
Classified as held for sale in the statements of financial
position
328 788
328 788
117
Hyprop Investments Limited
Integrated Report 2015