SAC - SA Corporate - Competition Commission approv
SAC
SAC
SAC - SA Corporate - Competition Commission approves SA Corporate Acquisition of
SA Retail
SA Corporate Real Estate Fund
(formerly Martprop Property Fund)
(Incorporated in the Republic of South Africa)
Share Code: SAC & ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by
SA Corporate Real Estate Fund Managers Limited
(formerly Marriott Property Fund Managers Limited) (Registration number
1994/009895/06)
("SA Corporate")
Press Release
COMPETITION COMMISSION APPROVES SA CORPORATE ACQUISITION OF SA RETAIL
SA Corporate Real Estate Fund said today it had received Competition Commission
approval for the acquisition of SA Retail Properties Ltd.
SA Corporate said the commission`s approval was the final regulatory requirement
for creating one of South Africa`s largest listed funds, with a R7 billion
market capitalisation.
SA Corporate announced last week it had 97% irrevocable commitments from SA
Retail unitholders to accept its offer of 3,05 units for every one SA Retail
unit held.
Craig Ewin, head of listed real estate at Old Mutual Investment Group: Property
Investments, which manages both funds, said support for the acquisition from
unitholders had been enormously encouraging.
"The offer is now unconditional and the merger of the two funds will proceed
with unitholders formally accepting the offer and converting their SA Retail
units over the next 14 days," he said.
"We can now focus on further development of SA Corporate as a diversified fund.
Property fundamentals are strong, the combined portfolio is well tenanted and
there is an exciting pipeline of opportunities to help drive SA Corporate`s
growth. "
Ends
19 April 2007
Date: 19/04/2007 17:05:56 Produced by the JSE SENS Department.
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