Growthpoint plans R7.6bn Acucap buyout

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Published Nov 12, 2014

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Johannesburg - Growthpoint Properties plans to buy the 65 percent of Acucap Properties it doesn’t already own to give South Africa’s biggest real-estate company greater exposure to the retail market.

Acucap investors will receive 1.97 Growthpoint shares for each Acucap share they own, the Johannesburg-based company said in a statement today.

That values the deal at about 7.6 billion rand, based on Bloomberg calculations.

Growthpoint in April built up a 35 percent stake in Acucap, which has a large portfolio of retail assets.

The deal will boost Growthpoint’s property portfolio to about 72 billion rand, it said.

The deal comes after Growthpoint failed to acquire Fountainhead Property Trust after losing a takeover battle with Johannesburg-based competitor Redefine Properties.

Growthpoint shares fell as much as 1.1 percent and traded 0.5 percent lower to 26.20 rand by 11:17 am in Johannesburg.

Acucap shares gained 0.3 percent to 50.85 rand, compared with 48.07 rand valued by the deal. - Bloomberg News

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