Hyprop Investments Limited
(Registration No. 1987/005284/06)
Share code HYP ISIN ZAE000003430
("Hyprop")
ACQUISITION OF AN UNDIVIDED ONE-THIRD SHARE IN THE GLEN SHOPPING CENTRE
The acquisition
Further to the cautionary announcements published on 5 November and 24
December 2001 ("the cautionary announcements"), Corpcapital Corporate
Finance is authorised to announce that Hyprop has concluded an agreement to
acquire an undivided one-third share in The Glen Shopping Centre from
Gleneagles Retail Centre (Proprietary) Limited for a purchase consideration
of R95 000 000, which equates to a forward yield of 12% in the first year.
The purchase consideration is payable in cash and will be funded out of
Hyprop's existing loan facilities.
Financial Effects
The effect of the acquisition on the net asset value, earnings and headline
earnings per Hyprop linked unit will not be material.
Rationale for the acquisition
The Glen Shopping Centre is a regional shopping centre in a prime location
in the southern suburbs of Johannesburg and the acquisition is in line with
Hyprop's strategy to grow and diversify the location of its property
portfolio through high quality investments.
In the directors' opinion the acquisition enhances the quality of Hyprop's
existing property portfolio and will have a positive effect on future
earnings.
Withdrawal of cautionary
The cautionary announcements are hereby withdrawn and linked unit holders
are advised that it is no longer necessary to exercise caution with regard
to their dealings in Hyprop linked units.
Johannesburg
28 December 2001
Corporate advisor
and sponsor
Corpcapital
Corporate Finance
(a sponsor registered with the JSE Securities Exchange South Africa)
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