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.
Comments
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation