Arrowhead gets go ahead to acquire Synergy

Cape Town - The Competition Commission has approved a proposed transaction for Arrowhead to takeover Synergy, however it set out some conditions.

Arrowhead owns a diverse portfolio of retail, commercial, industrial and residential properties throughout South Africa.

Synergy is a real estate investment trust listed on the Johannesburg Securities Exchange. In addition, Synergy is controlled by Vukile Property Fund Limited (Vukile).

"The Commission found that Synergy may be used by Vukile and Arrowhead as a platform to exchange competitively sensitive information regarding Vukile’s and Arrowhead’s properties that are outside Synergy," it said in a statement on Monday.

In order to remedy the above mentioned concern, the Commission recommended the imposition of the condition to address the concerns.

Meanwhile, the board of Arrowhead on Monday expressed sadness over the passing of its Chief Executive Office Gerald Leissner.

Leissner, a Chartered Accountant, had over 50 years experience in the property industry, both in South Africa and abroad.

The board will meet in January 2017 to consider the position of CEO.

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