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Commercial news

Tribunal to hear retail property merger

25 Oct 2012 11:35
The Competition Tribunal will on Wednesday hear a proposed large merger between Fairvest Property Holdings and a portfolio of commercial properties.
Tribunal to hear retail property mergerIn terms of the proposed transaction‚ Fairvest‚ a property investment holding company‚ intends to purchase 11 retail properties located in KwaZulu-Natal‚ Western Cape‚ Gauteng and Mpumalanga. These properties are currently owned by SA Corporate Real Estate Fund.

The Competition Commission assessed the transaction and was concerned about exclusivity clauses found in lease agreements in three of the 11 retail properties‚ the tribunal said on Tuesday.

The commission was of the view that the exclusivity clauses could prevent small businesses from gaining access to the retail centres.

The commission has therefore recommended that the tribunal approve the deal on condition that Fairvest negotiate for the removal of the exclusivity clauses found in lease agreements at St Georges Square‚ Middelburg Pick n Pay and Mkuze Corner.


SOURCE

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