SA Corporate Real Estate Limited entered into a scheme implementation agreement to acquire Indluplace Properties Limited from Fairvest Limited, The Buffet Bewind Trust and others for ZAR 1.1 billion.
SA Corporate has received written irrevocable undertakings from Fairvest and The Buffet Bewind Trust in respect of the total 214,021,647 Indluplace shares, representing approximately 63.5% stake. The transaction is subject to approval of majority of Indluplace shareholders at the scheme meeting, the High Court of South Africa, the providers of debt funding to Indluplace, the receipt of any and all regulatory approvals, including but not limited to the relevant competition authorities, the JSE and the TRP. SA Corporate shareholder approval is not required. Indluplace constituted an Independent Board, comprising Selwyn Noik, Nindiphiwe Tetyana and Clifford Abrams, to consider and engage with SA Corporate in relation to the scheme. The Indluplace Independent Board will appoint an independent expert to review the terms of the scheme and to provide an independent expert's report. As of June 5, 2023, the requisite majority of Indluplace shareholders have approved the transaction.
Cliffe Dekker Hofmeyr Incorporated acted as legal advisor of SA Corporate.