https://www.engineeringnews.co.za

Tower acquires HTP Holdings for R190.75m

14th April 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

JSE-listed Tower Property Fund will gain significant exposure to the industrial property sector through the R190.75-million acquisition of HTP Holdings.

Tower reported on Tuesday that it had entered into an agreement to acquire the entire issued share capital of and claims against HTP Holdings for eight industrial properties. The properties were situated in desirable locations in Gauteng and KwaZulu-Natal.

Once the deal was finalised, Tower’s industrial portfolio would represent 12% of its overall portfolio, compared with the current 0.9%.

The effective date of the acquisition was April 1. The purchase consideration would be settled through cash payments of R3.75-million; R450 000 in the allotment and issue of 4.94-million Tower shares at a price of R9.10 and R142-million through the allotment and issue of Tower shares pursuant to a private placement.

The acquisition remained conditional upon approval by the competition authorities and on Tower procuring a bank guarantee up to a maximum of R185-million for the repayment of amounts owed by HTP to banking firms Nedbank and Investec.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Industrial Nozzles & Systems (Pty) Ltd
Industrial Nozzles & Systems (Pty) Ltd

Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.055 0.946s - 142pq - 2rq
Subscribe Now