Growthpoint Properties: R6.6bn Tiber acquisition sealed

Comment on this story


All suspensive conditions to Growthpoint Properties’s acquisition of the Tiber Group’s property portfolio and management businesses for R6.6 billion had been fulfilled and the deal was now unconditional, Growthpoint reported yesterday. Growthpoint said the effective date of transfer would, by mutual agreement, be delayed from February 1 until March 1. This is the single largest deal to date in Growthpoint’s history and will make it South Africa’s biggest office property owner with 1.5 million square metres of office space valued at almost R25bn. The Tiber Group owns 320 000m2 of mainly premium and A-grade office space focused on Sandton. It comprises 28 prime properties, a 50 percent stake in another nine properties and 48 000m2 of undeveloped bulk. It includes multiple multinational head offices. Growthpoint will pay in cash and shares. It will issue 93.3 million new shares at R27 each to raise about R2.5bn with the rest paid by accessing cash from its R2.5bn capital raising last May and its existing debt facilities. The stock fell 0.23 percent to R21.90 yesterday. – Roy Cokayne


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks