It also announced the issue and placement of 9,698,649 Acucap linked units.

The group advised linked unit holders that transfer of Old Mutual's 50% undivided share in Bayside to Acucap had been registered in the Cape Town deeds office.

"The R280 million acquisition was funded in full by the issue of the consideration units to Old Mutual at a price of R28.87 per linked unit.

"The consideration units were placed on behalf of Old Mutual through a private placing, which closed on Friday 16th October 2009 and was fully subscribed for by existing Acucap linked unit holders," Acucap said.