Hyprop currently owns 84 225 688 Sycom units (2012: 84 225 688), being 29.9% of the Sycom units in issue. Refer to note 4.
During March 2013 Hyprop and Sycom Property Fund Managers Limited (SPFM) entered into an agreement whereby Hyprop will acquire 100% of Somerset Mall from Sycom for a purchase consideration of R2.3 billion.
The purchase consideration will be discharged by Hyprop transferring to SPFM 81 500 000 Sycom units. ("The Somerset Mall transaction")
Hyprop will dispose of the remainder of its Sycom units within a period of 150 days after the effective date of the Somerset Mall aquisition.
The Sycom units owned by Hyprop are reflected at fair value, which is based on the closing price on the JSE at 30 June 2013, less an accrual for distribution, which
is included in receivables.
Investmentin associate - Mantrablox
121 569
Atterbury Investment Holdings Limited (Atterbury) has a call option to purchase Hyprop's 20% share in Mantrablox. Atterbury has indicated that it will exercise its option to acquire Hyprop's 20% interest. Refer to note 10.
Southern Sun Hyde Park
Effective 31 August 2012, Hyprop entered into a sale agreement with Southern
Sun Hotel Interests Proprietary Limited ("Southern Sun") to dispose of Southern Sun Hyde Park ("the hotel").
The hotel was valued by the directors at R130m at 31 December 2012, being the same as the sale price to Southern Sun.
The transfer of the hotel was completed during May 2013.
The assets and liabilities of Southern Sun Hyde Park were reflected at 31 December 2012 at the lower of fair value less cost to sell or the carrying amount:
Assets
140 692
140 692
Investment property and building appurtenances
133 011
133 011
Trade and other receivables
3 183
3 183
Cash and cash equivalents
4 498
4 498
Liabilities
9 618
9 618
Trade and other payables
9 618
9 618
Classified as held-for-sale on the statements of financial position
