28th Nov 2019 08:31
(Alliance News) - Growthpoint Properties Ltd said Thursday it has fulfilled the acceptance condition for the acquisition of a 51% stake in Capital & Regional PLC.
The Johannesburg listed-real estate investment trust said that by Wednesday it had received valid acceptances for a total of 340.9 million shares in Capital & Regional, reflecting 46.9% of the London and Johannesburg-listed property investor's entire issued share capital.
Following this, Growthpoint said that the partial offer has now become unconditional as to acceptances.
In mid-October, Growthpoint had agreed to invest around GBP150.4 million for a 51% interest in London-headquartered firm Capital & Regional.
The first part of the investment will see Growthpoint acquire 219.8 million existing shares in Capital & Regional for 33 pence per share, at a total of GBP72.5 million.
Shares in Capital & Regional were up 4.2% at 28.66 pence in London, while its Johannesburg shares remained flat at ZAR5.48 on Thursday.
Growthpoint's shares in Johannesburg were marginally lower at ZAR22.80.
The second part is for Growthpoint to subscribe for 311.5 million new Capital & Regional shares, at a price of 25p each to raise GBP77.9 million before costs for the company.
By Dayo Laniyan; [email protected]
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