Step closer to own­ing N1 City Mall

The Star Early Edition - - COMPANIES -

JSE-LISTED Growthpoint Prop­er­ties got one step closer to ac­quir­ing N1 City Mall from Re­de­fine Prop­er­ties af­ter the Com­pe­ti­tion Com­mis­sion rec­om­mended to the Com­pe­ti­tion Tri­bunal that its pro­posed merger be ap­proved with­out con­di­tions. The 64 000m² N1 City Mall, with more than 140 stores, is sit­u­ated in Good­wood, Cape Town, and is jointly owned by Growthpoint and Re­de­fine. The Com­mis­sion said the pro­posed trans­ac­tion was un­likely to sub­stan­tially pre­vent or lessen com­pe­ti­tion in the mar­ket for rentable com­par­a­tive shop­ping cen­tres within a 15km ra­dius from the tar­get prop­erty. In ad­di­tion, the com­mis­sion said that the pro­posed trans­ac­tion does not raise any pub­lic in­ter­est con­cerns. Growthpoint is the largest South Africa JSE-listed Real Es­tate In­vest­ment Trust with a mar­ket cap­i­tal­i­sa­tion of R71.5 bil­lion and a com­bined prop­erty as­sets are val­ued at R112.5bn.

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