Growthpoint secures full ownership of Paramount

Posted On Monday, 12 February 2007 02:00 Published by
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Growthpoint Properties Limited, South Africa’s largest JSE-listed property holding and investment company with property assets in excess of R15 billion, today announced that it has successfully secured full ownership and complete control of Paramount Property Fund Limited.

Norbert Sasse“In addition to securing 97.24% of Paramount linked units in issue through its friendly bid to purchase the smaller company, Growthpoint has also secured 91.4% of Paramount B debenture units,” said Norbert Sasse, CEO of Growthpoint Properties Limited.

Accordingly Growthpoint will exercise its entitlement in accordance with the Companies Act (section 440K) to compulsorily acquire the remaining Paramount B debentures it does not own. The Paramount B debentures constitute a non-material effective holding of less than 0.4% of the Paramount linked units in issue resulting from vendor placements for previous transactions.

Investec Property Group, asset manager for Growthpoint, has also successfully acquired Paramount’s management company Spire Property Services (Pty) Ltd.

Last modified on Saturday, 26 April 2014 12:34

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