Sycom Property Fund (SYC) advised on Wednesday that ABSA Bank‚ acting as trustee for the fund‚ has entered into an agreement with AECI Pension Fund to acquire the remaining 60% undivided share in the properties on which the office park known as the Woodlands Office Park is situated for R1.365 billion.
Sycom already owns 40% of the property and the acquisition will increase its shareholding to 100%. The acquisition is expected to become effective on November 1.
In terms of its strategy‚ Sycom continues to seek opportunities that will enhance unitholder value‚ including the acquisition of additional shares in co-owned assets as and when opportunities arise‚ it said.
The deal is subject to approval by the competition authorities. - I-Net Bridge