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Provider: Reuters Investment Profile
Provider: Auerbach Grayson & Co., Inc.
Provider: Auerbach Grayson & Co., Inc.
Provider: Auerbach Grayson & Co., Inc.

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Oryx Properties Ltd Signs Acquisition Agreement of Property Investments (Pty) Ltd and Gustav Voigts Centre from Growthpoint Properties Ltd

Monday, 29 Jul 2013 11:00am EDT 

Oryx Properties Ltd announced that following the approval of the acquisition of the entire shareholding in Tuinweg Property Investments (Pty) Ltd which owns the Gustav Voigts Centre from Growthpoint Properties Ltd, an acquisition agreement has been signed by Oryx and Growthpoint whereby Oryx will acquire the entire shareholding in Tuinweg for NAD 220 million. As security for the discharge of the purchase price, Oryx shall within 10 (ten) business days of the fulfillment date (date on which the last of the suspensive conditions are fulfilled) deliver a payment guarantee in favour of Growthpoint. Oryx received proposals and commitments from various financial institutions to fund the acquisition. The proposals are currently being evaluated and an appointment will follow shortly. The transaction is subject to several suspensive conditions. It is anticipated that the effective date of the transaction will be September 1, 2013, but could be deferred to October 1, 2013, should the Competition Commission approval not be obtained timely. Tuinweg is the owner of the Gustav Voigts Centre which offers 24,825 square meters gross lettable area consisting of 13,200 square meters retail and 11,625 square meters hotel space. The hotel space is being let to the Kalahari Sands Hotel and Casino (Pty) Ltd (100% subsidiary of the Sun International Hotel Group) on a long term lease which expires on June 30, 2019. 

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8 Jul 2014