Growthpoint gets its first tranche

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Johannesburg - Property company Acucap reported yesterday that it had received notification that Growthpoint Properties now had a 28.8 percent interest in the company.

This follows Growthpoint earlier this month announcing it had acquired strategic shareholdings in two listed properties, a 34.9 percent stake in Acucap Properties and a 31.5 percent stake in Sycom Property Fund, in a transaction valued at R4.66 billion.

Acucap said the 28.8 percent stake Growthpoint now had resulted from the settlement by Growthpoint of the first tranche of the linked units acquired.

Acucap Properties and Sycom are in the process of a proposed merger and Growthpoint’s acquisition of a strategic stake in both companies is a prelude to its proposed intention to acquire control of the merged company.

Norbert Sasse, Growthpoint’s chief executive, said this month that Growthpoint, as a major investor in both entities, supported the merger plans on the table and was exploring options and alternatives available to it to eventually take control of the merged entity.

Sasse said Growthpoint intended to discuss this with management and the board of Acucap when appropriate.

Growthpoint will hold about 38 percent of the merged entity once this initial transaction has been completed and provided the merger proceeds.

Acucap rose 0.51 percent to close at R47.50 and Growthpoint rose 0.12 percent to R24.38. – Roy Cokayne

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