Capital Property Fund (CPL) and Pangbourne Properties (PAP) have brought to finality all outstanding conditions relating to their tie-up deal.
Accordingly, Pangbourne’s linked units will be suspended on the JSE from March 28.
Capital will buy the whole of Pangbourne. The all-unit consideration would entail Pangbourne unit holders swapping their linked units in Pangbourne for units in Capital at a swap ratio of 2,38 Capital units for each Pangbourne unit.
Capital has a portfolio of rental properties in the industrial, office and retail space, while Pangbourne holds various rentable properties including industrial space, office space and retail space.
The deal is set to be one of the largest property funds in South Africa, by market capitalisation, differentiated by its industrial and commercial focus. — I-Net Bridge