120 / 156
NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2015
13. Non-current assets classified as held for sale
continued
Note
GROUP
June 2015
R000
GROUP
June 2014
R000
COMPANY
June 2015
R000
COMPANY
June 2014
R000
Investment in associate – Mantrablox
In December 2013, Attacq exercised its option to acquire
Hyprop’s 20% interest in Mantrablox Proprietary Limited.
Opening balance – 1 July 2013
121 569
Profit on disposal
17 431
21 400
Proceeds on sale
(139 000)
(139 000)
Transfer to held for sale
117 600
Classified as held for sale in the statements of financial
position
Sycom Property Fund
Hyprop owned 84 225 688 Sycom units in 2013, being
29,9% of the units in issue.
During March 2013, Hyprop and Sycom Property Fund
Managers Limited (SPFM) entered into an agreement
whereby Hyprop acquired 100% of Somerset Mall from
Sycom for a purchase consideration of R2,3 billion.
The purchase consideration was discharged by Hyprop
transferring to SPFM 81 500 000 Sycom units (the
Somerset Mall transaction).
The effective date of the transaction was 1 October
2013. The remaining Sycom units
held by Hyprop were
sold in December 2013 and January 2014.
Opening balance – 1 July 2013
2 279 253
2 279 253
Change in fair value
(82 266)
(82 266)
Profit on disposal
168 869
168 869
Acquisition of Somerset Mall
(2 300 000)
(2 300 000)
Cash proceeds
(65 856)
(65 856)
Classified as held for sale in the statements of financial
position
Investment in subsidiary
Hyprop and Attacq restructured their investment in
African Land. The restructure was effective 1 July 2014.
Post finalisation of the restructure, the investment
in African Land as a subsidiary remained. Hence the
reclassification to non-current assets.
Hyprop’s effective economic interest in Manda Hill
reduced from 87% to 68,75%, as a consequence of the
restructure, while African Land became a wholly owned
subsidiary.
Transfer to held for sale
4.1
758 264
Classified as held for sale in the statements of financial
position
758 264
118
Hyprop Investments Limited
Integrated Report 2015
FINANCIAL STATEMENTS