Orion Real Estate Limited (JSE:ORE) agreed to acquire Three Properties in South Africa from the Michael Family Trust for ZAR 54.3 million on March 20, 2018. The three properties being acquired are Stand 62 Welkom Ext 11 and Portions 9 & 10 of Stand 9866 Welkom Ext 31, Free State (“Stands 62 and Stand 9866”), Stand 5876 Secunda Ext 11 (“Stand 5876”) and Stand 13418 and Portion 2 of Stand 809 Bloemfontein, Free State (“Stand 13418 and Stand 809”). The total consideration for Stands 62 and Stand 9866 is ZAR 7 million of which ZAR 1.4 million will be payable in cash with the balance of ZAR 5.6 million through the issue of 5.92 million Orion shares. The total consideration for Stand 5876 is ZAR 22.4 million of which ZAR 4.48 million will be payable in cash with the balance of ZAR 17.92 million through the issue of 18.93 million Orion shares. The total consideration for Stand 13418 and Stand 809 is ZAR 43 million of which ZAR 8.6 million will be payable in cash with the balance of ZAR 34.4 through the issue of 36.34 million Orion shares. Under the terms of the agreement, if VAT becomes payable at a rate other than 0%, the agreement will immediately be cancelled without a claim against the other party. The acquisition is subject to a number of conditions precedent, including inter alia, the procurement by Orion of a loan in the amount equal to the cash price by no later than April 12, 2018; Orion conducts a due diligence investigation regarding the condition or quality of the leases by no later than March 23, 2018; the seller conducts a due diligence investigation in respect of the buyer by no later than March 23, 2018; JSE approval is obtained by no later than April 15, 2018; all regulatory approvals are obtained within 120 days from procurement of the loan and approval of the purchase of the property by the Board of Directors of Orion by no later than March 31, 2018. The acquisition does not require Orion's shareholder approval. Orion Real Estate Limited (JSE:ORE) cancelled the acquisition of Three Properties in South Africa from the Michael Family Trust on March 20, 2019.