Peter Sparks, managing director of SA Retail, reported that at a general

meeting of SA Retail unitholders in Durban today, 98% of unitholders approved the acquisition of the R1 billion Sharemax portfolio of 10 retail properties.

The next step in the process is at the meeting on 12 April when SA Corporate unitholders meet. SA Corporate said last week it had support of unitholders representing 55% of its units to approve the SA Retail acquisition.

SA Corporate has also announced that its offer has the backing of 97% of
SA Retail unitholders.