SA Corporate offered 3,05 units for every one SA Retail unit, with a cash alternative of R10,50 a unit.

Craig Ewin, head of listed real estate at Old Mutual Investment Group Property Investments, the managers of SA Corporate, said that unitholders have clearly seen value in a merged fund with a R8 billion market capitalisation.

“Based on the SA Corporate offer and the closing price of 462 cents for a SA Corporate unit on May 4, the effective price for a SA Retail unit was R14,09, well above the R10,00 at which SA Retail units were trading at the time the offer was announced.”