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Mauritius,South Africa : BOARD allows financial support to be offered to HYPRPOP INVESTMENTS MAURITIUS

August 25, 2014

Its board has allowed Hyprop, a JSE-listed retail property fund, to offer financial support to Hyprop Investments Mauritius for a $100 million (R1.06 billion) bank loan secured by its 100% owned subsidiary.

The financial support comes in the form of a guarantee over the loan.

Hyprop said the loan secured by Hyprop Investments Mauritius would be used to ease the reorganization of Hyprop's investment in African Land Investments and advance loan funding to Atterbury Africa for continuing development in sub-Saharan Africa outside of South Africa.

Hyprop inked a deal in November 2013 to purchase 87 percent of the issued stocks African Land Investments, the owner of the Manda Hill shopping centre in Lusaka, Zambia, and aims to expand its portfolio through the acquisition predominantly retail properties in the rest sub-Saharan Africa, for R768m.

Attacq (earlier Atterbury Investment) which listed its R12.5bn commercial and retail property assets on the JSE in October 2013, bought 12.4 percent of the issued stocks of African Land Investments in a deal worth R110m, while African Land CEO Kevin Teeroovengadum holds 500 000 stocks in the company.

Hyprop said its board was satisfied that the terms under which the financial support was planned to be offered were fair and reasonable to Hyprop under the Companies Act.

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Source: TendersInfo (India)

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