https://www.engineeringnews.co.za

Black-owned property firm parts with R4.5bn for 8% stake in Growthpoint

31st July 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

Independent, black-owned and managed investment holding company Southern Palace Properties has acquired an 8% stake in Growthpoint Properties from the Public Investment Corporation’s (PIC’s) Government Employees Pension Fund (GEPF) for R4.5-billion.

Standard Bank and Bank of America Merrill Lynch would equally fund the deal that was structured and arranged by Southern Palace advisers Symphony Capital.

Parent company Southern Palace Group CEO Lucas Tseki hoped that the transaction, for which all conditions precedent were fulfilled, would open doors to other such “transformational” deals.

The acquisition made Southern Palace the largest, noninstitutional shareholder in Growthpoint and the second-largest shareholder after the GEPF.

The deal allowed the PIC to rebalance its property portfolio and facilitate a transformational transaction in the property industry.

The new shareholding would also boost the black economic-empowerment credentials of Growthpoint.

Edited by Creamer Media Reporter

Comments

Showroom

Showroom image
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.084 0.133s - 150pq - 2rq
Subscribe Now