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Dipula agrees to Tembisa Mall acquisition cancellation

Dipula agrees to Tembisa Mall acquisition cancellation

Photo by Duane Daws

26th September 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JSE-listed Dipula Income Fund said it would no longer buy the Tembisa Mall after agreeing to the cancellation of the agreement by the vendors after certain conditions were not met.

The property loan stock company agreed to acquire the property from Realty Dynamix for an estimated R169-million in November last year.

The deal was subject to the parties reaching agreement on all of the components of the development plan and the mall being developed in accordance with that plan.

However, the vendors cancelled the agreement on the basis that certain of the conditions had not been fulfilled. This was disputed by Dipula.

“… Given the dispute with vendors, it was unlikely that Dipula would be able to agree a development plan for the completion of the mall that would satisfy its requirements,” the company said in a statement.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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