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Hyprop Investments Ltd Announces Acquisition of Somerset Mall From Sycom Property Fund

Tuesday, 1 Oct 2013 09:00am EDT 

Hyprop Investments Ltd and Sycom Property Fund (Sycom), through its manager, Sycom Property Fund Managers Limited announced that it had concluded an agreement in terms of which Hyprop would acquire 100% of Somerset Mall Shopping Centre (Somerset Mall) for ZAR2.3 billion on the basis that the full purchase consideration would be settled by Hyprop transferring 81,500,000 Sycom units to SPFM (the transaction). Unitholders are advised that the transaction became unconditional on October 1, 2013. Hyprop has accordingly acquired registered and beneficial ownership of Somerset Mall and discharged the purchase consideration through the transfer of 81,500,000 Sycom units to SPFM. 

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