Growthpoint acquires stakes in Acucap and Sycom


The announcement, which was made on Monday, explained that the transaction amounts to 4.66 billion rand.

“This acquisition has secured strategic stakes for Growthpoint in Acucap and Sycom, which are in the process of a proposed merger. As a major investor in both entities, Growthpoint supports the merger plans currently on the table,” Norbert Sasse, CEO of Growthpoint Properties, said in a statement.

“We are exploring options and alternatives available to us to eventually take control of the merged entity, which we intend to discuss with management and the Board of Acucap when appropriate.”


[DATA GRT:Growthpoint Properties] is a property investment holding company that is listed on the Johannesburg Stock Exchange.

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According to the statement, Growthpoint has agreed to acquire 64,045,367 Acucap linked units at a switch ratio of 1.900 Growthpoint ordinary shares for each Acucap linked unit acquired.

(READ MORE: Acucap looking to acquire remaining Sycom units)

Where Sycom is concerned, Growthpoint will aquire 63,036,096 Sycom participatory units at a switch ratio of 1.102 Growthpoint ordinary shares for each Sycom participatory unit acquired.

[DATA ACP:Acucap Properties Limited] and [DATA SYC:Sycom Property Fund] both specialise in property investment and property unit trust services respectively.

Should the merger between Acucap and Sycom progress, Growthpoint would hold roughly 38 per cent of the merged entity.

“This transaction has been under consideration by Growthpoint for some time now. It furthers Growthpoint’s strategy of making dividend enhancing acquisitions. It also provides Growthpoint with a strategic interest in, and indirect exposure to, Acucap and Sycom’s combined 18,4 billion rand retail and office portfolios,” said Sasse.

“Acucap and Sycom have one of the best retail portfolios in the market which is aligned with Growthpoint’s aim to grow its overall balance of retail property.”