Vukile to acquire 50% share in East Rand Mall

2 Nov 2012

Vukile Property Fund advised on Thursday, 1 November 2012, that Redefine Properties has reached agreement with Sanlam Life Insurance to acquire the East Rand Mall for a purchase consideration of R2.23 billion‚ subject to the negotiation of formal legal agreements and the receipt of Competition Commission approval.

East Rand Mall interior

As Vukile has a pre-emptive right to acquire the property‚ Vukile has agreed with Redefine that it will acquire a 50% undivided share of the East Rand Mall from Redefine for R1.115 billion on the same terms and conditions and at the same time that Redefine acquires the property from Sanlam.

A due diligence has been completed and the acquisition is subject to the negotiation of formal legal agreements and the receipt of Competition Commission approval.

The acquisition will constitute a category 2 transaction for Vukile and once the formal legal agreement has been signed‚ Vukile will release a detailed terms announcement.

Vukile's interim results are due to be released on 23 November and the financial effects of the acquisition will be provided in the interim results announcement.

Accordingly‚ unitholders are advised to exercise caution when dealing in the company´s linked units until the financial effects of the acquisition have been disclosed.

Source: I-Net Bridge

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