Acucap shareholders accept Growthpoint offer

Norbert Sasse

It will also gain an R7 billion portfolio of quality offices including prime buildings such as Edward Nathan Sonnenberg in Cape Town, The Woodlands in Woodmead and Tiger Brands in Bryanston.

Ninety-one percent of Acucap shareholders present or represented at the general meeting voted in favour of Growthpoint's offer. In doing so, they agreed to Acucap becoming a wholly owned subsidiary of Growthpoint.

Norbert Sasse, CEO of Growthpoint Properties, comments, "The approval from Acucap's shareholders shows support for this transaction and is a strong endorsement of Growthpoint's strategies to create value for its shareholders."

Finalisation of the proposed transaction would also see Growthpoint owning Sycom Property Fund Managers Limited and, directly or indirectly, some 99% of Sycom units.

"Besides strategic growth with the excellent assets, the proposed transaction also means Growthpoint would take on an experienced asset management team and benefit from operational synergies and cost savings with a combined Growthpoint, Acucap and Sycom portfolio."

Implementing the scheme would increase the property assets of Growthpoint by R18 billion, to nearly R100 billion. Growthpoint's South African property portfolio alone would grow to just over R75 billion.

The transaction remains subject to Competition Authorities and Takeover Regulation Panel approvals. If approved in April, the transaction could be effective from as early as 1 May 2015, at which point Acucap will delist from the JSE. Both companies would pay interim distributions to their respective investors, with the full income distribution accruing to Growthpoint shareholders from the effective date.