Indluplace set to delist from the JSE in August
Residential-focused Indluplace Properties is set to delist from the JSE at the beginning of August following the completion of all conditions and the receipt of a certificate from the Takeover Regulation Panel, the parties said on Tuesday.
Indluplace, valued at about R1.1 billion on the JSE, listed in 2015, but it received a buyout offer from diversified group SA Corporate in March. Its major shareholder - Fairvest - considered its stake non-core to its business, while difficult equity market conditions and a need for scale in the residential property business were cited as additional reasons to delist.
SA Corporate offered R3.40 per Indluplace share - about a 13% premium - with the company set to become a wholly-owned subsidiary, and the nature of its business is not likely to change, the circular reads.
Indluplace owns a residential property portfolio comprising 9 189 residential units, including student accommodation, as well as retail space associated with the residential buildings, valued at R3.3 billion at the end of its 2022 year.
The portfolio of 124 buildings is situated mainly in Gauteng, with limited exposure in Mpumalanga and the Free State. Fairvest holds almost 57% of the issued shares of Indluplace.
SA Corporate, valued at about R4.6 billion on the JSE, owns a focused portfolio of industrial, retail and residential buildings located primarily in the major metropolitan areas of South Africa with a secondary node in Zambia.
At the end of December, the property portfolio consisted of 157 properties, valued at R15.2 billion, as well as a 50% joint venture interest in three Zambian entities with properties valued at R1.4 billion. Its residential property portfolio, comprised of 58 properties, is predominantly in Gauteng and was valued at R4.5 billion.
The independent expert - Deloitte and Touche - determined a fair value range of between R3.11 and R3.44 per Indluplace share, with the most likely value or a core value of R3.28 per Indluplace share. The parties also announced a clean-out distribution, or the provision of distributable earnings owed to its Reit shareholders for its 2023 year so far, of about 7.73c, or about R24 million.-Fin24
Indluplace, valued at about R1.1 billion on the JSE, listed in 2015, but it received a buyout offer from diversified group SA Corporate in March. Its major shareholder - Fairvest - considered its stake non-core to its business, while difficult equity market conditions and a need for scale in the residential property business were cited as additional reasons to delist.
SA Corporate offered R3.40 per Indluplace share - about a 13% premium - with the company set to become a wholly-owned subsidiary, and the nature of its business is not likely to change, the circular reads.
Indluplace owns a residential property portfolio comprising 9 189 residential units, including student accommodation, as well as retail space associated with the residential buildings, valued at R3.3 billion at the end of its 2022 year.
The portfolio of 124 buildings is situated mainly in Gauteng, with limited exposure in Mpumalanga and the Free State. Fairvest holds almost 57% of the issued shares of Indluplace.
SA Corporate, valued at about R4.6 billion on the JSE, owns a focused portfolio of industrial, retail and residential buildings located primarily in the major metropolitan areas of South Africa with a secondary node in Zambia.
At the end of December, the property portfolio consisted of 157 properties, valued at R15.2 billion, as well as a 50% joint venture interest in three Zambian entities with properties valued at R1.4 billion. Its residential property portfolio, comprised of 58 properties, is predominantly in Gauteng and was valued at R4.5 billion.
The independent expert - Deloitte and Touche - determined a fair value range of between R3.11 and R3.44 per Indluplace share, with the most likely value or a core value of R3.28 per Indluplace share. The parties also announced a clean-out distribution, or the provision of distributable earnings owed to its Reit shareholders for its 2023 year so far, of about 7.73c, or about R24 million.-Fin24
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