Fairvest Property Holdings Ltd. completed the acquisition of 210, 214 Church Street, 425 West Street, Gingindlovu, Mkuze Corner and The Ridge from SA Corporate Real Estate Fund, managed by SA Corporate Real Estate Fund Managers Limited.
January 18, 2013 at 11:00 pm
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Fairvest Property Holdings Ltd. (JSE:FVT) entered into heads of agreements to acquire 210, 214 Church Street, 425 West Street, Gingindlovu, Mkuze Corner and The Ridge from SA Corporate Real Estate Fund (JSE:SAC), managed by SA Corporate Real Estate Fund Managers Limited for approximately ZAR 170 million in cash on April 12, 2012. Fairvest Property intends to fund the purchase considerations for the deal through a combination of debt financing and new equity raise. In a related transaction Fairvest Property Holdings Ltd. entered into heads of agreements to acquire five more properties from SA Corporate.
The deal is subject to approval from antitrust bodies, municipality, waiving off of any pre-emptive rights contained in the leases and approval of Board Of Directors of SA Corporate and Fairvest Property. The deal is subject to consummation of due diligence by Fairvest Property and obtaining financing for the deal. The deal is expected to close on October 1, 2012. As of May 30, 2012, an agreement has been signed for the deal and Fairvest has been granted an extension by SA Corporate Real Estate until July 2, 2012 for the satisfactory completion of the due diligence investigation. As of July 17, 2012, ters of the agreement were amended. The purchase price became ZAR 250.9 million. As of October 5, 2012, the general meeting of the shareholders of Fairvest will be held on November 5, 2012. The registration of transfer of the property is anticipated to take place on or about November 30, 2012. As of October 24, 2013, Competition Tribunal conditionally approved the deal.
In the medium-term, the Consideration will be used by SA Corporate to invest in high quality investment properties and to reinvest into certain existing assets for upgrades and tenant driven expansions. In the interim, the Consideration will be invested to reduce interest-bearing borrowings. Nedbank Capital acted as financial advisor to SA Corporate Real Estate. PSG Capital acted as financial advisor to Fairvest Property. Java Capital (Proprietary) Limited acted as financial advisor and bookrunner to Fairvest Property. BDO South Africa Incorporated acted as accountant for Fairvest Property. Broll Property Group acted as real estate advisor in the deal.
Fairvest Property Holdings Ltd. (JSE:FVT) completed the acquisition of 210, 214 Church Street, 425 West Street, Gingindlovu, Mkuze Corner and The Ridge from SA Corporate Real Estate Fund (JSE:SAC), managed by SA Corporate Real Estate Fund Managers Limited on January 19, 2013.
Fairvest Limited is a South Africa-based real estate investment trust (REIT) focused on creating long-term shareholder value. The Company holds a portfolio of approximately 131 retail, office and industrial properties. The Company's geographical segments include Gauteng, Western Cape, Kwazulu Natal, Eastern Cape, Limpopo, Mpumalanga, North West, Northern Cape, Free State, and Other. The Company's sectorial segments include Office, Industrial, Retail, Residential, and Overheads. The Company's office properties include Metalbox, Lakeview Terrace, and 1 Sturdee. Its industrial properties include ROETE 24, Trevallyn Industrial Park, and Robertville Industrial Park. Its retail properties include 210 Church Street, Bara Precinct, and Bradlows Building. Its subsidiaries include Arrowgem Limited, Cumulative Properties Limited, Fairvest Property Holdings Limited, and Vividend Income Fund Limited.
Fairvest Property Holdings Ltd. completed the acquisition of 210, 214 Church Street, 425 West Street, Gingindlovu, Mkuze Corner and The Ridge from SA Corporate Real Estate Fund, managed by SA Corporate Real Estate Fund Managers Limited.
FAIRVEST LIMITED 
