Dipula Income Fund accepts Tembisa MegaMart Mall acquisition cancellation

Posted On Friday, 27 September 2013 17:08 Published by Commercial Property News
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Dipula Income Fund accepts Tembisa Mall acquisition cancellation

Tembisa MegaMart Mall

The acquisition of Tembisa Mall was subject to – amongst other things – the parties reaching agreement on all of the components of the development plan and the Mall being developed in accordance with that plan.

The vendors of the Tembisa Mall have sought to cancel the agreement on the basis that certain of the conditions have not been fulfilled.

Dipula disagrees with the grounds relied upon by the vendor but has accepted the cancellation (while reserving its rights).

Dipula's decision to accept the vendor's cancellation was informed by the conclusion that, given the dispute with vendors, it was unlikely that Dipula would be able to agree a development plan for the completion of the Mall that would satisfy its requirements.

Source: Sharenet

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