Hyprop Investments Ltd. to Acquire Table Bay Mall: Final Approval Granted

In a significant development for the South African commercial property market, Hyprop Investments Limited has received final approval for its acquisition of Table Bay Mall. The transaction, announced in October 2023, has cleared major regulatory hurdles, paving the way for the completion of the deal.

Regulatory Approval Secured

Hyprop Investments Limited announced today that it has successfully navigated through the regulatory approval process for its acquisition of Table Bay Mall. The Competition Commission approved the transaction without any conditions on January 26, 2024. This marked a crucial step forward in the deal, demonstrating regulatory confidence in the transaction.

Competition Tribunal Approval

Following the Competition Commission’s approval, the transaction underwent further scrutiny by the Competition Tribunal. After a review process and a Tribunal hearing, the Competition Tribunal granted final approval for the transaction. Importantly, no conditions were imposed on any party involved in the deal. This approval reinforces the validity and competitiveness of the transaction in the commercial property sector.

Remaining Condition: Property Transfer

With regulatory hurdles cleared, the acquisition now moves towards completion. The only remaining condition precedent is the transfer of the Table Bay Mall property to Hyprop Investments Limited. This final step is anticipated to take place in mid-March 2024, marking the conclusion of the acquisition process.

Acknowledgment and Gratitude

Hyprop Investments Limited expressed its gratitude to all parties involved in facilitating the transaction. The successful navigation of regulatory processes underscores the cooperation and professionalism exhibited by all stakeholders throughout the deal.

Conclusion

The approval of Hyprop Investments Limited’s acquisition of Table Bay Mall without any conditions is a testament to the soundness and competitiveness of the transaction. This development signifies a significant milestone for Hyprop and the commercial property market in South Africa. With the final condition precedent expected to be fulfilled in mid-March 2024, the completion of the acquisition is on the horizon, poised to reshape the landscape of commercial property ownership in the country.