The listing of RMB Properties' property unit trust on the JSE Securities Exchange SA has been delayed by yet another month because approvals have been "slightly more complex than originally anticipated".

RMB Properties chief operating officer Warren Schultze also said the company was hoping for approval of the property acquisitions for the by the Competition Commission by next Monday and for the final approvals to be granted by the Financial Services Board in the second week of next month. This would allow for listing at the end of October.
 
The fund, which will be known as EmiraProperty Fund and will be the first new property unit trust to be listed under the Collective Investment Schemes Control Act, was pegged to be listed by the end of next month. September.
 
Initially, RMB Properties, which is part of the Momentum Group, had been interested in listing a fund by the end of this month, August, but Schultze said this had been delayed as market conditions indicated there would be opportunities to increase the size of the fund.
 
The Momentum Group is a wholly owned subsidiary of FirstRand. Momentum Property Investments, (MPI), which houses the Momentum Group?s direct property, will also acquire 34 properties worth about R435m from soon-to-be delisted Bonatla Property Holdings, which will be delisted soon.
 
The commission has recommended unconditional approval of the sale of the properties or intermediary merger and the matter will also be heard by the Competition Tribunal hearing on Wednesday.
 
Business Day