Deal Detail


Standard Bank Properties (Pty) Ltd

Disposal by Standard Bank Properties (Pty) Limited ("SBP") and Liberty Holdings Limited ("Liberty") of their interests in Fountainhead Property Trust Management Limited ("Fountainhead Manco") and Cautionary Announcement Unitholders of Fountainhead ("Unitholders") are advised that SBP and Liberty have entered into an agreement for the disposal of their interests in Fountainhead Manco, the asset manager of Fountainhead, to Redefine Properties Limited ("Redefine"), subject to the approval of the Registrar of Collective Investment Schemes, the Competition Authorities and the South African Reserve Bank.

Unitholders are referred to the announcement released by Redefine simultaneously with this announcement advising Redefine unitholders that:

  1. Redefine has concluded an agreement with SBP and Liberty to acquire Fountainhead Manco, which agreement is conditional on regulatory approvals; and
  2. Subject to the acquisition of Fountainhead Manco, Redefine intends making an offer to acquire all of the assets of Fountainhead  in return for a  combination of Redefine units and units in Hyprop Investments Limited. Accordingly, Unitholders are advised to exercise caution when dealing in their Fountainhead units until such time as further announcementsare made in this regard.

Deal Value:

R660 million

Lawyers Involved:

Assisted By:

Cathy Truter and Vivek Ramsaroop

 
 
   

 

In association with Bowman Gilfillan Africa GroupMember of Lex MundiMember of Employment Law Alliance