JSE listed REITs Octodec and Premium announced yesterday that the proposed merger of the companies was approved by the Competition Tribunal.

Merger to become effective in September 2014; Combined portfolio to be valued at R10bn and offer significant exposure to the residential sector.

JSE listed REITs Octodec and Premium today announced an agreement whereby Octodec proposes to acquire all of the issued linked units of Premium in exchange for Octodec shares.

Octodec Investments today announced its interim results for the six months ended 28 February 2014.

Octodec and Premium announced they have entered into an agreement with IPS Investments and City Property Administration that will see IPS repurchase City Property’s shares in IPS for a cash consideration of R127.5 million and the repayment of City Property’s shareholders loan in IPS of R48.1 million.

Premium Properties reports a 10.3% increase to 66.2c in distribution per linked unit for the six months ended August 31 2013.

Octodec Investments delivered strong growth in distributions of 14,8% for the year representing an income yield of 8,3% with a total return of 11,7%.

JSE-listed sister companies Octodec Investments and Premium Properties have 76 property refurbishment projects on the go in Gauteng’s central business districts (CBDs), amid continued improvements in the province’s inner cities.

Wapnick confirms that the much-anticipated merger between Premium and Octodec is now firmly on the cards, given the JSE’s adoption of the new real estate investment trust (Reit) structure 

Premium Properties Limited, the only JSE listed Company to offer significant residential sector exposure, this morning announced its preliminary annual results for the year ended 28 February 2013.