Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Redefine Offers Hyprop Shares for Larger Fountainhead Stake

Redefine Properties Ltd., South Africa’s second-biggest property company, plans to increase its stake in Fountainhead Property Trust by acquiring as many as 250 million participatory units in an all-share deal.

The offer consists of 110 units of Hyprop Investments Ltd. for every 1,000 units of Fountainhead, Johannesburg-based Redefine said in a statement today. Redefine already owns about 50 percent of Fountainhead, the two companies said.

Redefine holds 11.4 percent of Hyprop, valued at about 2 billion rand ($200 million), based on today’s share price, according to data compiled by Bloomberg. Redefine Chief Executive Officer Marc Wainer said May 30 he may use the stock as a currency for an acquisition or sell the shares. Redefine has reduced its stake from 30 percent, using the shares to help amass a controlling stake in Fountainhead.

Fountainhead, Hyprop and Redefine own shopping centers and office parks in Africa’s largest economy. The central bank forecasts gross domestic product will expand 2 percent this year, the slowest pace since a 2009 recession, after strikes by thousands of workers in the mining, manufacturing and construction industries in August and September crimped growth.

Fountainhead shares were unchanged at 7.87 rand as of 2:34 p.m. in Johannesburg trading, valuing the company at 9.2 billion rand. Hyprop stock fell 1.6 percent while Redefine fell 1.1 percent.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.