Tribunal approves property tie-up | Fin24
 
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Tribunal approves property tie-up

Mar 10 2011 17:44
I-Net Bridge
Johannesburg - Capital Property Fund [JSE:CPL] and Pangbourne Properties [JSE:PAP] said on Thursday they had received approvals from both the Competition Tribunal and South Gauteng High Court for their tie-up.

Capital plans to buy the whole of Pangbourne. The all-unit consideration would entail Pangbourne unitholders swapping their linked units in Pangbourne for units in Capital at a swap ratio of 2.38 Capital units for each Pangbourne unit.

Pangbourne unitholders had already approved the transaction. The Competition Commission assessed the merger and concluded that it was unlikely to substantially lessen competition in the property market, before recommending it to the tribunal.

The only remaining condition for the implementation of the deal was registration of the order of the court sanctioning the scheme by the Registrar of Companies, which was in process, the companies said.

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.

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