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Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
119
13.
Non-current assets classified as held-for-sale
Note
June 2017
R000
June 2016
R000
Total investment property classified as held-for-sale
Assets
426 681
1 243 591
Investment property
2.1
415 182
1 224 090
Building appurtenances and tenant installations
3 616
6 685
Trade and other receivables
6 324
9 471
Cash and cash equivalents
1 559
3 345
Liabilities
13 074
27 868
Trade and other payables
13 074
27 868
Net classified as held-for-sale
413 607
1 215 723
Movement in assets held-for-sale
Investment property, building appurtenances and tenant installations
Opening balance
1 230 773
1 225 773
Disposals
(868 125)
Additions
(includes cost and fair value adjustments)
59 569
8 428
Depreciation
(3 421)
(3 428)
Transfer to held-for-sale
Closing balance
418 796
1 230 773
Working capital
Opening balance
(15 050)
(12 278)
Disposals
16 277
Additions
(6 416)
(2 772)
Closing balance
(5 189)
(15 050)
Net classified as held-for-sale
413 607
1 215 723
Non-current assets held-for-sale include Willowbridge North, Lakefield Office Park and vacant land in Greenstone Park, Johannesburg. Subsequent to
year-end, Willowbridge North was sold for R225 million. It is anticipated that transfer will take place in September 2017.
During the year the following buildings were sold:
Sale price Transfer date
Somerset Value Mart
R185 million September 2016
Glenfield Office Park
R180 million December 2016
Willowbridge South
R460 million
March 2017
Glenwood Office Park
R42 million
May 2017
Total
R867 million
Although Lakefield Office Park was classified as held-for-sale at 30 June 2016, efforts to dispose of this property are continuing and Hyprop is
confident that it will be sold. Hyprop is actively engaging with potential purchasers. The property continues to be measured under IAS 40 and all
requirements of IFRS 5 have been met (refer to
note 1.10 – Investment property
and
note 2 – Investment property
).