“In addition to securing 97.24% of Paramount linked units in issue through its friendly bid to purchase the smaller company, Growthpoint has also secured 91.4% of Paramount B debenture units,” said Norbert Sasse, CEO of Growthpoint Properties Limited.

Accordingly Growthpoint will exercise its entitlement in accordance with the Companies Act (section 440K) to compulsorily acquire the remaining Paramount B debentures it does not own. The Paramount B debentures constitute a non-material effective holding of less than 0.4% of the Paramount linked units in issue resulting from vendor placements for previous transactions.

Investec Property Group, asset manager for Growthpoint, has also successfully acquired Paramount’s management company Spire Property Services (Pty) Ltd.