Twin City Trading 2 Proprietary Limited signed a sale agreement to acquire a 33.3% stake in Atterbury Value Mart from Hyprop Investments Limited (JSE:HYP) on February 8, 2021. Combined consideration of all three transactions is ZAR 1.1 billion. Consideration will be paid in cash on the transfer date. In related transactions, Primegrowth Retail Property Proprietary Limited and Atterbury Mile Proprietary Limited, each concluded separate sale agreements to acquire a 33.3% stake each in Atterbury Value Mart from Hyprop Investments Limited. As of June 30, 2020, Atterbury Value Mart reported a net operating income of ZAR 107.1 million. The transaction is subject to Primegrowth Retail Property Proprietary Limited, Twin City Trading 2 Proprietary Limited and Atterbury Mile Proprietary Limited obtaining senior debt finance of at least ZAR 150 million; the Competition Authorities approving the disposal; Hyprop and Atterbury Mile concluding a vendor loan agreement (and related security agreements), and a step-in rights agreement and an inter creditor agreement (including with the senior lenders to Atterbury Mile); Primegrowth Retail Property Proprietary Limited, Twin City Trading 2 Proprietary Limited and Atterbury Mile Proprietary Limited concluding a co-ownership agreement in respect of Atterbury Value Mart and Hyprop concluding an agreement with the general manager of Atterbury Value Mart to retain his services and is not subject to shareholder approval. As of April 23, 2021, the Tribunal approves merger. The net proceeds from the disposal will be used to reduce debt and will result in Hyprop’s see-through loan to value ratio at June 30, 2020 of 41.4% reducing by 1.9% to 39.5%. Twin City Trading 2 Proprietary Limited completed the acquisition of a 33.3% stake in Atterbury Value Mart from Hyprop Investments Limited (JSE:HYP) on July 13, 2021. The cash proceeds will be used to strengthen Hyprop Investments Limited's balance sheet.