Johannesburg - Listed property fund Fairvest reported yesterday that the agreement it had entered into in September to acquire three Eastern Cape retail centres from Born Free Investments 385 had been amended.
One of the amendments involves the reduction in the purchase price to R129 million from R133m previously.
The transaction involves acquiring Boxer Centre Elliotdale, Mpitshane Shopping Complex and Boxer Centre Mqanduli from Born Free Investments 385.
Fairvest added yesterday that the transaction had also been restructured. Fairvest said it, Born Free Investments 385 and FPP Property Venture 103, had agreed that prior to the implementation of the acquisition, Fairvest would acquire an 80 percent shareholding in FPP Property Venture 103, with FPP retaining the balance.
In terms of the amended purchase agreement, FPP had also been nominated as the purchaser in place of Fairvest. Shares were last quoted unchanged at R1.65, which valued it at R1.1 billion.
BUSINESS REPORT