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Growthpoint acquires strategic stakes

Johannesburg - Growthpoint Properties announced on Monday that it has acquired a 34.9% stake in Acucap Properties and a 31.5% stake in Sycom Property Fund, in a substantial R4.66bn transaction.

“This acquisition has secured strategic stakes for Growthpoint in Acucap and Sycom, which are in the process of a proposed merger," said Norbert Sasse, CEO of Growthpoint Properties.

"As a major investor in both entities, Growthpoint supports the merger plans currently on the table. We are exploring options and alternatives available to us to eventually take control of the merged entity, which we intend to discuss with management and the Board of Acucap when appropriate.”

Once this initial transaction is complete, and should the merger between Acucap and Sycom progress, Growthpoint would hold around 38% of the merged entity.

“This transaction has been under consideration by Growthpoint for some time now,” said Sasse.

“It furthers Growthpoint’s strategy of making dividend enhancing acquisitions."

It also provides Growthpoint with a strategic interest in, and indirect exposure to, Acucap and Sycom’s combined R18.4bn retail and office portfolios.

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