Transaction results in acquisition of additional MICC units by ApexHi

ApexHi Properties Limited has sold the Protea Assurance building in Cape Town to Oasis Crescent Property Fund for R44-million, to be settled by way of R20-million in cash and 3,078,895 MICC units.

ApexHi previously gained control of 19% of MICC’s issued share capital in February this year, and now holds approximately 24% of MICC. 

ApexHi director, Deon Feinblum, says it is not the company’s intention to hold units in other property funds, and the rationale for the foray into MICC has always been to acquire properties from the MICC portfolio.

“The acquisition of additional MICC units puts ApexHi in a stronger position to negotiate with Vukile and MICC to acquire MICC properties in exchange for the units,” he says.

The deal is yield enhancing for ApexHi unit holders, and ApexHi is currently in negotiations with Vukile and MICC to acquire properties that fit the profile of the ApexHi portfolio.

ApexHi’s objective for the 2005/2006 financial year is to acquire R500-million in additional properties, over and above the recent Prima acquisition.

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