Fairvest Property Holdings Ltd. (JSE: FVT) entered into an agreement to acquire Shoprite Empangeni from Growthpoint Properties Limited (JSE: GRT) for approximately ZAR 170 million in cash.

Fairvest Property Holdings Ltd. (JSE: FVT) entered into an agreement to acquire Shoprite Empangeni from Growthpoint Properties Limited (JSE: GRT) for approximately ZAR 170 million in cash on March 1, 2017. If the registration of transfer of ownership of the Shoprite Empangeni occurs after July 31, 2017 interest will accrue on the purchase consideration at a rate of 0.583% per month compounded for the period commencing from August 2017 and terminating on the date on which the transfer of ownership of the Shoprite Empangeni is registered. As of June 2, 2017, all conditions to the deal were fulfilled.

The transaction is expected to close on or about May 1, 2017.