Redefine Properties’ mandatory offer to Hyprop unitholders has closed and an additional 926 593 linked units (0.56%) were acquired by Redefine at the offer price of R50 a linked unit.

The low acceptance was expected as the offer price was below the trading price of Hyprop units.

Redefine recently acquired 19 686 558 Hyprop units from Coronation Asset Management (Pty) Ltd which triggered an offer to the remaining Hyprop unitholders. As a result of the transactions, Redefine’s interest in Hyprop has increased from 55 323 970 Hyprop units (33.3% of Hyprop’s issued unit capital) to 75 937 121 Hyprop units (45.7% of Hyprop’s issued unit capital).

Redefine chief executive, Marc Wainer, says the company is satisfied with its controlling interest of 45,7% and has undertaken to obtain Redefine unitholder approval before acquiring any further Hyprop units.

“The stake places a control premium to the value of Redefine’s holding in Hyprop, enhances Redefine’s listed securities portfolio, and is sufficient to influence the strategy of Hyprop’s portfolio, and will enhance Redefine’s distributions in the next financial year,” he says.