HYP - Hyprop Investments Limited - Disposal of Attfund Retail`s 25% undivided

HYP - Hyprop Investments Limited - Disposal of Attfund Retail`s 25% undivided   
share in Centurion Mall                                                         
Hyprop Investments Limited                                                      
(Incorporated in the Republic of South Africa)                                  
(Registration No. 1987/005284/06)                                               
Share Code: HYP   ISIN Code: ZAE000003430                                       
("Hyprop" or "the company")                                                     
DISPOSAL OF ATTFUND RETAIL`S 25% UNDIVIDED SHARE IN CENTURION MALL              
Combined unitholders are referred to the previous announcements in respect of   
the proposed acquisition  by Hyprop of 100% of the shares in Attfund Retail     
Limited ("Attfund Retail"), for the purpose of acquiring Attfund Retail`s       
portfolio of property assets and listed securities (the "Hyprop acquisition").  
Unitholders were advised in the Category 1 circular relating to the Hyprop      
acquisition ("the circular") that the transfer of Attfund Retail`s 25% undivided
share in Centurion Mall would trigger pre-emptive rights in favour of           
Fountainhead Property Trust ("Fountainhead"). Fountainhead indicated that they  
will exercise their pre-emptive rights in this regard and accordingly Hyprop has
concluded an agreement with Fountainhead to dispose of Attfund Retail`s 25%     
undivided share in Centurion Mall to Fountainhead (the "disposal"). The disposal
is subject to and effective upon the effective date of the Hyprop acquisition.  
The disposal consideration is approximately R751.5 million plus any amount paid 
or incurred by Attfund Retail in respect of the Pick `n Pay extension at        
Centurion Mall. The disposal consideration will be settled in cash. The impact  
of the disposal on Attfund Retail`s forecast contained in the circular is not   
material.                                                                       
The acquisition of Attfund Retail remains conditional upon, inter alia, the     
implementation of the Attfund Retail restructure, which has taken longer than   
anticipated due to delays in transferring certain of the properties to Attfund  
Retail. The fulfilment of the outstanding conditions is imminent and a further  
announcement will be made in due course.                                        
Johannesburg                                                                    
29 July 2011                                                                    
Corporate advisor and legal advisor to Hyprop                                   
Java Capital (Proprietary) Limited                                              
Sponsor to Hyprop                                                               
Java Capital                                                                    
Date: 29/07/2011 10:02:12 Supplied by www.sharenet.co.za                     
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