Growthpoint buys into Acucap and Sycom

14th April 2014 By: Natasha Odendaal - Creamer Media Senior Deputy Editor

Property giant Growthpoint has moved to gain exposure to retail and office portfolios worth R18.4-billion, as a result of acquiring a 34.9% and 31.5% stake in Acucap and Sycom respectively, in a deal valued at R4.66-billion.

Growthpoint on Monday said it concluded agreements with various institutional unitholders of Acucap and Sycom to swap out over 64-million Acucap linked units and 63-million Sycom participatory units for a collective 191-million Growthpoint shares at a switch ratio of 1.9 and 1.102 respectively.

The large property group aimed to list the shares at R24.36 apiece, with 148.9-million issued on April 23, followed by the remaining 42.2-million on May 13.

The transaction was aligned with Growthpoint’s strategy of pursuing dividend-enhancing acquisitions and was considered “complementary” to the group’s own portfolio.