Hyprop sells half of Hyde Park Corner for ZAR805m

HYPROP INVESTMENTS LIMITED (JSE: HYP) has entered into an agreement to sell a 50% undivided share of Hyde Park Corner and its associated rental enterprise to MEP SPV 3 Proprietary Limited, a subsidiary of Millennium Equity Partners, for ZAR805 million. The agreement, signed on June 30, 2025, also includes an option for Millennium to acquire the remaining 50% interest. The proceeds from the sale will be used to reduce debt and fund new investments. The deal is subject to standard conditions precedent, including regulatory approvals and the finalization of ancillary agreements such as co-ownership and asset management arrangements. Hyprop has provided a net operating income guarantee to the purchaser. The option to acquire the remaining stake is exercisable between August 31 and November 30, 2027, at the Final Consideration at that time, escalating from September 1, 2027 at 0.53% per month.