The Competition Commission of South Africa has unconditionally approved the proposed transaction whereby Talis Property Investments intends to acquire Redefine Properties.
The primary acquiring firm is Talis Property Investments. Talis Property Investments is ultimately wholly owned by Talis Holdings (Pty) Ltd (“Talis Holdings”). Talis Holdings is in turn wholly controlled by a family trust. The family trust is wholly controlled by HDPs as contemplated in the Competition Act No. 89 of 1998 (as amended). Talis Holdings and all its subsidiaries are hereinafter referred to as the “Acquiring Group”.
Talis Property Investments is a newly established property investment company with its primary activity to hold the Target Properties being purchased in the proposed transaction. The primary focus of Talis Holdings is on investment opportunities in the property, ICT, finance, media, agriculture and infrastructure development sectors.
The Acquiring Group’s property portfolio consists of seven properties including rentable grade A, B and P office space, rentable retail space, student accommodation, and parking bays.
The primary target firm is a portfolio of 11 properties owned and controlled by Redefine Properties. The Target Properties comprise rentable grade A, B, and C office space and rentable light industrial space properties. Redefine Properties is a REIT and is not controlled by any firms.
The Commission found that the proposed transaction is unlikely to result in substantial prevention or lessening of competition in any relevant markets. The Commission further found that the proposed transaction does not raise substantial public interest concerns.
Source: Compcom.co.za
