The Competition Tribunal has unconditionally approved the acquisition by property loan stock group Redefine and Vukile Property Fund of the East Rand Mall, in Boksburg, from Sanlam Life Insurance for R2.23-billion.
The property companies reported on Wednesday that all conditions precedent to the acquisition had been fulfilled and that the transfer of the property was expected to take place in early April.
Redefine and Vukile would each hold a 50% stake in the 62 446 m2 mall, which Redefine CEO Marc Wainer previously described as “one of the best trading centres in South Africa”.