The Ambit units were purchased at R3,40 each, excluding the entitlement to the distribution for the six months to end September 2008, which will accrue to the vendors. The transaction is revenue enhancing for ApexHi unit holders, and the acquisition was financed by borrowings at a rate just below 11%, which will be fixed for 10 years.

ApexHi CEO Gerald Leissner says the acquisition of Ambit units will allow ApexHi to gain exposure to a sizeable portfolio of properties that are complimentary to ApexHi’s existing portfolio. “We will consider increasing our stake in Ambit further if the opportunity to do so arises,” he says.

Some 65 856 358 units were acquired directly from various existing unit holders and 110-million units were acquired indirectly through the purchase of all the shares in Business Venture Investments No. 1232 (Pty) Ltd (BVI), a wholly owned subsidiary of Cape Empowerment Trust Limited