Apollon Property Fund Proprietary Limited entered into an agreement to acquire Newspaper House in Cape Town from Ingenuity Property Investments Limited (JSE:ING) for approximately ZAR 220 million on August 22, 2018. The transaction is subject to antitrust approval, due diligence investigation by Apollon, approval of the board of directors of Ingenuity and Apollon obtaining approval for mortgage bond finance from a registered financial institution. The purchase consideration will be used to reduce borrowings and provide equity through access facilities for suitable investment and development opportunities as and when they arise. Nedbank acted as financial advisor and Webber Wentzel acted as legal advisor to Ingenuity. Apollon Property Fund Proprietary Limited terminated the acquisition of Newspaper House in Cape Town from Ingenuity Property Investments Limited (JSE:ING) on September 26, 2018. The conditions precedent to transaction have not been met, leading to the termination.