ApexHi increases stake in MICC

Posted On Tuesday, 22 November 2005 02:00 Published by
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LISTED property loan stock company ApexHi Properties has increased its interest in MICC Property Income Fund, a move it hopes will place it in a powerful bargaining position to acquire certain properties from MICC’s portfolio.

Nick Wilson

Property Correspondent

LISTED property loan stock company ApexHi Properties has increased its interest in MICC Property Income Fund, a move it hopes will place it in a powerful bargaining position to acquire certain properties from MICC’s portfolio.

ApexHi said yesterday that it had sold its Protea Assurance building in Cape Town to Oasis Crescent Property Fund for R44m, to be settled by R20m in cash and Oasis’s more than 3-million MICC units.

The deal will increase ApexHi’s stake in MICC from 19% to 24%.

Last year, ApexHi launched an aggressive takeover bid for MICC, which stalled listed property loan stock company Vukile Property’s bid to acquire 100% of MICC’s units.

ApexHi executive director Deon Feinblum said the company did not intend holding units in other listed property funds, and that the rationale for buying units in MICC was always to acquire properties from the MICC portfolio.

“The acquisition of additional MICC units puts ApexHi in a stronger position to negotiate with Vukile and MICC, to acquire MICC properties in exchange for the units,” he said.

Vukile CEO Gerhard van Zyl said that Vukile, which owned a little more than 75% of MICC, had been in continuous discussions with ApexHi “for a while now”.


Van Zyl said Vukile still intended obtaining 100% control of MICC.

“We have said all along we will try to do a deal to obtain 100% control of MICC as long as the deal makes financial sense for Vukile,” said Van Zyl.

Vukile’s assets are worth a little more than R2bn, while MICC has a little more than R1bn in assets.


Publisher: Business Day
Source: Business Day

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