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We require the services of an experience Commercial & Industrial property broker.
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Collins Properties
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Collins Properties
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| Nedcor sells Canal Walk |
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Nedcor sells Canal Walk
Finance24.com - 4 July 2005
Banking giant Nedcor has agreed to sell the Canal Walk shopping centre at Century City in Cape Town to listed property group Hyprop Investments for a cash consideration of R1.16bn (inclusive of VAT at 0%), Nedcor announced on Friday.
Ellerine Bros will be a co-owner of the property with Hyprop, acquiring a 20% undivided share in the business and having assumed 20% of the purchaser's obligations in terms of the agreement with Nedcor.
Ellerine Bros is already a co-owner of the Glen Shopping Centre with Hyprop.
Nedcor acquired the 131 000 square meter retail and office centre, the largest in the Western Cape and one of the largest in South Africa, last year when it took over fellow banking group BoE.
Canal Walk was completed only in 2000, and its major tenants comprise most of south Africa's largest and best known retailers.
Hyprop said that the acquisition would further enhance the quality, size and diversification of its property portfolio, in particular boosting its geographic spread since it will be the group's first acquisition outside of Gauteng province.
In terms of the purchase agreement, Hyprop has the right to nominate other parties to acquire a portion or portions of the business.
It is subject to the fulfilment of several suspensive conditions, including approval from the competition authorities and from the shareholders of Hyprop and Canal Walk by no later than November 30.
Hyprop disclosed that it had received irrevocable undertakings from combined unit holders holding more than 35% of total Hyprop units to vote in favour of the acquisition.
Nedbank, the controlling shareholder of Canal Walk, had also undertaken to vote in favour of the deal. |
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