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Growthpoint Properties Ltd Announces Acquisition Of Abseq Properties

Wednesday, 2 Oct 2013 02:00am EDT 

Growthpoint Properties Ltd announced that it has concluded a sale of shares and claims agreement with Equity Estates Proprietary Limited (Equity Estates) for the acquisition of the entire issued share capital of Abseq Properties Proprietary Limited (Abseq Properties) (the Sale Shares) and as part of the acquisition, and in order to retain the skills of the Equity Estates property management team responsible for the Abseq Properties portfolio, Growthpoint has entered into an agreement to acquire the property administration business of Abseq Properties from Equity Estates, collectively (the Transaction). The value ascribed to the property portfolio of Abseq Properties for the purpose of the Transaction is ZAR1,327,779,061 (Property Value). The consideration payable for the Sale Shares will be determined after deducting third party debt owing by Abseq Properties (External Debt) from the Property Value (Equity Valueā€¯ and will be settled by the issue of Growthpoint shares at ZAR25.00 per share. After the acquisition of the Sale Shares, Growthpoint will apply existing internal cash resources and/or new borrowings to settle the External Debt. 

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10.0 +0.36%
27 Mar 2015