128 / 160
NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2016
Hyprop Investments Limited
Group annual financial statements 2016
126
10.
Loans receivable
GROUP
June 2016
R000
GROUP
June 2015
R000
Shareholder loan – AttAfrica – Rand equivalent of US Dollar loan
2 633 939
1 739 053
The loan represents Hyprop Mauritius’ shareholder loan funding to AttAfrica,
and is repayable in June 2020.
The loan is unsecured and bears interest at an initial rate of 8%, escalating at 4% per annum.
Hyprop Mauritius has a preferential right to receive interest on the loan to AttAfrica.
Hyprop Mauritius has a 37,5% equity interest in AttAfrica.
Shareholder loan – Manda Hill Mauritius – Rand equivalent of US Dollar loan
624 617
519 072
The loan is unsecured, bears interest at a variable rate which equates to Hyprop Mauritius’
50% share of distributable income from Manda Hill Mauritius. The loan is not payable in the
next 12 months.
Vondelvlag Holding loan – Rand equivalent of Euro loan
12 844
The EUR1,02 million loan facility, of which EUR782 659 has been drawn down, is unsecured,
bears interest at 3,15% payable quarterly and is repayable in April 2021.
Vondelvlag Stichting loan – Rand equivalent of Euro loan
1 889
The EUR150 000 loan facility, of which EUR115 097 has been drawn down, is unsecured,
bears interest at 3,15% payable quarterly and is repayable in April 2021.
Attacq Limited
400
369
The loan relates to Attacq’s portion of a claim relating to the African Land acquisition. The loan
bears interest at 8,3% per annum and is repayable when the claim is settled, which is anticipated
to be within the next 12 months.
Redefine Properties Limited
Redefine entered into an agreement with Hyprop to purchase Stoneridge Shopping Centre.
45 904
The amount was settled by Redefine on transfer of Stoneridge to Redefine.
Portion 113 Weltevreden Property Limited, a company associated with Abland Proprietary
Limited (Abland)
7 484
The loan was advanced to Abland in 2008 to facilitate the acquisition by Abland of its 10% interest
in Stoneridge. The loan was settled upon transfer of Stoneridge to Redefine.
3 273 689
2 311 882
Reconciliation to the statement of financial position
Non-current shareholder loans receivable*
3 258 557
2 258 125
Non-current loans receivable
14 732
Current loans receivable
400
53 757
Total
3 273 689
2 311 882
* Included in shareholder loans in the statement of financial position