Vukile and Redefine PropertiesFirms divvy up East Rand Mall

Vukile and Redefine Properties are each to acquire a 50 percent undivided share of the East Rand Mall from Sanlam Life Insurance. This follows Redefine Properties reaching an agreement with Sanlam Life Insurance to acquire the mall for a purchase consideration of R2.23 billion, subject to the negotiation of formal legal agreements and obtaining the approval of the competition authorities. Vukile said yesterday it had a pre-emptive right to acquire the property and had agreed with Redefine that it would acquire a 50 percent undivided share of the mall from Redefine for R1.115bn on the same terms and conditions and at the same time that Redefine acquired the property from Sanlam. The company said a due diligence had been completed. Vukile shares inched up 0.29 percent to close at R17.10, while Redefine shares lost 1.67 percent to R8.85. – Roy Cokayne