Growthpoint acquires stakes in Acucap and Sycom properties

Growthpoint on Monday said it has concluded an unconditional agreement with Acucap and Sycom properties to acquire units in their respective portfolios.

The agreement would see Growthpoint acquire 64‚045‚367 Acucap linked units at a switch ratio of 1.900 Growthpoint ordinary shares‚ representing a 34.90% stake.

An estimated 63‚036‚096 Sycom participatory units would be acquired at a switch ratio of 1.102 Growthpoint ordinary shares‚ amounting to a 31.50% holding.

The new Growthpoint shares would be listed at an issue price of R24.36 per share‚ the spot price of a Growthpoint share at the close of business on April 8.

“The transaction is in line with Growthpoint´s strategy of making dividend-enhancing acquisitions and

provides Growthpoint with a strategic interest in and indirect exposure to Acucap and Sycom´s combined R18.4bn retail and office portfolios‚” the company said.

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