Acucap announced that it will extend an offer to all holders of Sycom Units, other than Acucap and its wholly-owned subsidiary, Sycom Property Fund Managers Limited (SPFM), to acquire all their Sycom Units in exchange for Acucap shares.

Acucap, a REIT fund, carries on the business of a property holding company through the ownership of investment properties by its subsidiaries and investees, including Sycom, in which it currently holds 33.39% directly. Acucap also holds 100% of the shares in SPFM, the manager of Sycom.

The implementation of the Offer may result in Acucap acquiring up to 100% of the Sycom Units in issue, thereby resulting in Sycom becoming wholly-owned by Acucap, effectively merging the organisations and the property portfolios.

Sycom's property portfolio is complementary to that of Acucap, therefore the Enlarged Acucap, following successful implementation of the Offer, will enjoy greater sectoral diversification and reduced asset concentration risk.

The Enlarged Acucap's increased market capitalisation will increase its representation in the listed property index (FTSE/JSE South African Listed Properties Index), as compared to the current individual representation of Acucap and Sycom.