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Johannesburg - The Competition Tribunal will hear arguments for the proposed merger between Capital Property Fund [JSE:CPL] and Pangbourne Properties [JSE:PAP] on Wednesday.
Capital plans to buy the whole of Pangbourne. The all-unit consideration would entail Pangbourne unitholders exchanging their linked units in Pangbourne for units in Capital at a swap ratio of 2.38 Capital units for each Pangbourne unit.
Pangbourne unitholders approved the deal on Monday.
The Competition Commission assessed the merger and concluded that it was unlikely to substantially lessen competition in the property market. The commission has, therefore, recommended that the tribunal approve the merger without conditions.
Capital has a portfolio of rental properties in the industrial, office and retail space, while Pangbourne holds various rentable properties including industrial space, office space and retail space.
The deal is set to be one of the largest property funds in SA, by market capitalisation, differentiated by its industrial and commercial focus.
Capital plans to buy the whole of Pangbourne. The all-unit consideration would entail Pangbourne unitholders exchanging their linked units in Pangbourne for units in Capital at a swap ratio of 2.38 Capital units for each Pangbourne unit.
Pangbourne unitholders approved the deal on Monday.
The Competition Commission assessed the merger and concluded that it was unlikely to substantially lessen competition in the property market. The commission has, therefore, recommended that the tribunal approve the merger without conditions.
Capital has a portfolio of rental properties in the industrial, office and retail space, while Pangbourne holds various rentable properties including industrial space, office space and retail space.
The deal is set to be one of the largest property funds in SA, by market capitalisation, differentiated by its industrial and commercial focus.
