Orion Real Estate Limited (JSE:ORE) agreed to acquire two properties in Gauteng from Jacques Landman for ZAR 45.5 million on November 6, 2018. The two properties being acquired are Royal Palms Property and Dakota Business Park Property. The total consideration for Royal Palms is ZAR 13.5 million of which ZAR 11.5 million will be paid in cash and with the balance of ZAR 2 million through the issue of 2.1 million Orion shares at ZAR 0.95 per share. The total consideration for the Dakota Business Park property is ZAR 32 million of which ZAR 30 million will be paid in cash and the balance of ZAR 2 million through the issue of 2.1 Orion shares at ZAR 0.95 per share. 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 effective date of the Acquisitions will be the date of transfer of the respective properties into the name of the Company. The two properties reported aggregate net rental amounts to ZAR 64.7 million. The transaction fees of not more than 4% of the total purchase consideration will be payable on the fulfillment of the suspensive conditions. 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; Orion conducts a due diligence investigation regarding the condition or quality of the leases and the seller conducts a due diligence investigation in respect of the buyer. Orion Real Estate and the Sellers concluding subscription agreements which govern the Royal Palms Share Issue and the Dakota Business Park Share Issue, respectively and subject to a number of conditions precedent, including, inter alia, all regulatory approvals are obtained within 30 business days from procurement of the loan and approval of the purchase of the property by the Board of Directors of Orion. The acquisition does not require Orion's shareholder approval. Orion Real Estate Limited (JSE:ORE) cancelled the acquisition of two properties in Gauteng from Jacques Landman on November 6, 2019.