Capital and Fortress are pleased to announce that the merger between Capital and Fortress, pursuant to the Fortress scheme, has been unconditionally approved by the Competition Tribunal.

Accordingly, the condition precedent relating to obtaining approval from the Competition Authorities has been fulfilled.

Fortress Income Fund made an offer to Capital Property Fund’s shareholders to take over the fund in July 2015. This would be the biggest property transaction of the year and the fund would be worth R44.5bn, make it the third-biggest SA-based fund by market capitalisation in the sector. 

Fortress Income Fund plans to keep the best assets and redevelop or sell underperforming offices.