Hyprop Investments Limited has implemented a voluntary bid to acquire a controlling stake in MAS P.L.C.

In late May 2025, the REIT announced its intention to acquire a controlling stake in the European property investor through a conditional voluntary bid process allowing MAS shareholders to sell their MAS shares in exchange for Hyprop shares and/or for cash, subject to certain conditions.

The share consideration will offer MAS shareholders a 0.42224 Hyprop share for every MAS share held, based on the closing price on the 23^rd of May 2025 – before Hyprop made the announcement.

Hyprop is offering R24.00 per MAS share for shareholders opting for the cash consideration, representing a 32.60% premium to the 30-day VWAP of R18.10 per MAS share for the 30-day trading period ending 23^rd May 2025.

As at 14th July 2025, the aggregate value of Hyprop shares traded on the market in the preceding 12 months was R10.4 billion, amounting to 59.36% of Hyprop’s market capitalisation at the same date.

Through the Hyprop investment, MAS shareholders will gain access to Hyprop’s experienced board and strong Eastern European management team. Hyprop plans to enhance value creation with MAS’s management, leveraging its reputation and expertise to benefit all MAS shareholders and accelerate the resumption of regular dividend payments.

“We are pleased to come to market with our voluntary bid to acquire a controlling stake in MAS. This strategic move is a pivotal step in our diversification strategy, aimed at enhancing shareholder value and strengthening our presence in the EE region. Our preference is for MAS shareholders to swap their shares for Hyprop shares and participate in the value unlock in the long term,” comments CEO of Hyprop, Morne Wilken.

The voluntary bid will remain open until Friday, 25th of July 2025.