Redefine buying Leaf Property Fund valued at about R3.7bn
Redefine is building Webber Wentzel Attorney's new headquarters at its 90 Rivonia Road property in Sandton
JSE-listed real estate investment trust Redefine has concluded an agreement to acquire Leaf Property Fund, which has a portfolio of high-quality commercial property assets in prime locations across South Africa valued at about R3.7-billion.
Redefine noted in a statement to shareholders on Wednesday that the acquisition, effective March 1, was in line with the company’s strategy of improving the quality of its core property portfolio by acquiring high-quality assets that offered cash-flow comfort and low vacancy levels.
In terms of the sale agreement, Redefine would acquire all the linked units and claims against Leaf for a purchase consideration comprising about R3.7-billion and less the amount of Leaf’s liabilities, including debt funding, adjusted for the marked-to-market value of all hedges and the net working capital of the Leaf Property Fund group on the effective date. The purchase consideration further included nonproperty-related fixed assets at the written down book value thereof and less the estimated value of certain uncompleted maintenance capital expenditure (capex) – subject to a maximum of R10.8-million – and certain capex that could be incurred by Leaf before March 1.
The purchase consideration would be discharged on the later of March 1 and the fifth business day after the last of the conditions precedent had been fulfilled or waived, or on a date agreed upon in writing between Redefine and Leaf.
On the closing date, 80% of the purchase consideration would be settled through the issue of Redefine shares, at the clean 30-day volume weighted average price of those shares on the day, while the balance would be paid in cash.
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