Hyprop concludes deal to dispose the Grace building Rosebank

Hyprop concludes deal with Southern Sun to dispose the Grace building Rosebank for R85 million.

Hyprop concludes deal with Southern Sun to dispose the Grace building Rosebank for R85 million. The transaction encompassed the sale of the entire building including the hotel premises and offices.

The transaction encompassed the sale of the entire building including the hotel premises and offices.

CEO Pieter Prinsloo said the sale was in line with strategy to divest from non-core assets. "We are pleased to have concluded a speedy transaction, in this instance with Southern Sun which is keen to establish their first hotel in the Rosebank node." Southern Sun is planning to re-open the hotel under their own brand in the first half of 2012.

Hyprop's future focus in Rosebank remained the planned extensions to The Mall of Rosebank and increasing its retail footprint in this high-growth node.

The Grace transaction was conditional on Competition Commission approval.