Bid for mall may go up.

Posted On Friday, 15 November 2002 10:01 Published by eProp Commercial Property News
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Insurance group Momentum is considering raising its R320m cash offer for two Johannesburg north properties, The Mall of Rosebank and the adjoining office block JHI House, says Warren Schultz the chief operating officer of RMB Properties, which is acting on behalf of Momentum.


Rosebank MallThe consideration has set the scene for an intense bidding war for the two properties, which have attracted two more offers from listed property investment companies Hyprop and Acucap.

Hyprop, which has raised its offer from R304m to R320m, said last week it had received an undertaking of support for its offer from 50% of unit holders of Cenprop which owns the mall and JHI House. This announcement has not distracted the two other bidders. Acucap has made a R345m offer to be settled through a combination of cash and its linked units, and has already indicated it was prepared to fight for the assets.

The group's interim results released last weekend carried a statement maintaining the cautionary relating to its negotiations with Cenprop.

Acucap is believed to have lined up presentations to key Cenprop unit holders.

Schultz said yesterday they were waiting for the return of inquiries submitted to Cenprop, which should contribute to a due diligence report. Answers to these inquiries would see a formalisation of the Momentum offer.

Cenprop's linked unit price lost 1c to close at 221c on the JSE Securities Exchange SA yesterday.

Last modified on Monday, 28 April 2014 11:53

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