Hyprop Investments has terminated its 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 MAS through a conditional voluntary bid process allowing MAS shareholders to sell their shares in exchange for Hyprop shares and/or for cash, subject to certain conditions. The voluntary bid would have remained open until Friday, the 25^th of July 2025.

Hyprop says the decision to terminate its voluntary bid follows MAS’ board’s refusal to provide access to the Development Joint Venture (DJV) agreements, citing confidentiality. The DJV accounts for almost 50% of MAS’ net assets. Hyprop says its access to the agreements is ‘critical’ in determining the risks related to the DJV.

The REIT says it also requested the JSE to help obtain the necessary information.

“We believe the offer aligns with our diversification strategy, and based on publicly available information, we presented our best proposal. However, without access to the DJV agreements, we cannot proceed. This lack of transparency is the sole reason for our decision to terminate the bid. While we saw the potential for this opportunity to be a game-changer and provide a viable alternative for MAS shareholders, we cannot advance without it,” says Morné Wilken, CEO of Hyprop.