ApexHi aquires sizable portion of Ambit

Posted On Wednesday, 12 November 2008 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

ApexHi Properties Limited has acquired a 34,85% stake in Ambit Properties Limited for R597,9-million through the acquisition of 175 856 358 Ambit units

Gerald LeissnerThe 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

Last modified on Friday, 18 April 2014 19:13

Most Popular

GMI Property Group adds a New Mall to its Stable: Bronkhorstspruit Mall

Jul 21, 2022
GMI Properties Group announces the development of the much-anticipated Bronkhorstspruit…

Equites Property Fund and Mabel conclude B-BBEE transaction

Jul 21, 2022
Andrea Taverna-Turisan
The JSE listed specialist logistics property fund, Equites, today officially announced…

The growing take-away and fast food, and food delivery, culture

Jul 20, 2022
Restaurant and Take-Aways data for May 2022
Restaurant and Take-Aways data for May 2022 points to “solid but slowing” growth in…

The rapidly rising cost of living is reflecting in residential rentals

Jul 21, 2022
TPN Graph-Rental Demand
Demand for residential rental properties saw some recovery in the first quarter of 2022…

Despite hike, interest rate remains below pre-Covid levels, says Dr Andrew Golding

Jul 21, 2022
Dr Andrew Golding
With the inflation outlook deteriorating since the previous Monetary Policy Committee…

Please publish modules in offcanvas position.