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Fountainhead shareholders approve takeover by Redefine

27 Jul 2015

Fountainhead Property Trust (FPT) unitholders on Friday, 24 July 2015, approved the takeover of the group by Redefine (RDF), SA's second-largest real estate investment trust.

Fountainhead shareholders approve takeover by Redefine

Redefine said the deal received overwhelming approval by Fountainhead unitholders eligible to vote.

Redefine, which owns Fountainhead's management company and holds a 66% equity interest in Fountainhead, will acquire all of Fountainhead's assets including the entire Fountainhead property portfolio in exchange for 85 new Redefine shares for every 100 Fountainhead units plus the assumption of Fountainhead's liabilities.

Based on Redefine's current share price, the transaction places a value of just under R14bn on Fountainhead's property portfolio, comprising 44 properties, of which 70% by value are prime retail assets.

Redefine CEO Andrew Konig said the approval completed a process that was begun more than three years ago.

"The acquisition of this portfolio positions us to manage our balance sheet and domestic asset allocation more efficiently to provide our shareholders with the added benefit of increased direct exposure to retail real estate assets," he said.

At 1.36pm Redefine shares were 0.71% lower at R11.17 and Fountainhead was up 0.74% to R9.49.

Source: BDpro

Source: I-Net Bridge

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