Cape Times

Step closer to owning N1 City Mall


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. – ANA

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