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Tower Property Fund acquisition gets green light from Competition Commission

The Competition Commission, following its ordinary weekly meeting, has announced that it has unconditionally approved the proposed merger whereby RDC Properties South Africa (RDC SA) intends to acquire Tower Property Fund.

The commission found that the proposed transaction is unlikely to result in a substantial prevention or lessening of competition in any relevant markets. It further found that the proposed transaction does not raise any public interest concerns.

Tower Property had announced earlier this year that it was considering a takeover offer from RDC SA, a multinational African property and investment group listed on the Botswana Stock Exchange.

Relevant to the proposed transaction are both companies' office and retail properties in Cape Town.

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