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Growthpoint Properties, the largest listed property company on the JSE, said on Friday its takeover bid for the smaller Cape Town-based Paramount Property Fund had been successful.

Growthpoint Properties has announces that it has secured 97.24% of Paramount linked units in issue through its friendly bid to purchase the smaller company

The market can expect to see even more consolidation in the South African listed property sector this year, with bigger players acquiring smaller companies and friendly mergers between others.

Growthpoint Properties has announced that is has sold 2.3% of its linked units in issue to Phatsima Properties in a black economic empowerment deal

Growthpoint Properties Limited, South Africa’s largest JSE-listed property holding and investment company with property assets in excess of R15 billion, has announced that 2.3% of its linked units in issue will be acquired by black controlled and managed property investment holding company Phatsima Properties.

Raising the bar for commercial mortgage backed securitization (CMBS) in the listed property sector, Growthpoint Properties Limited is to issue R1,566 billion worth of notes on the Bond Exchange of South Africa, tomorrow (Friday, 10 November 2006).

Growthpoint Properties Limited has secured ownership of the entire Longbeach Mall in Noordhoek in the Western Cape after acquiring the additional 49,9% of this regional property asset for R138 million.

IN A deal that values Paramount Property Fund at about R1,5bn, Growthpoint Properties, the largest listed property company on the JSE, has made a mandatory offer to acquire all the linked units in Paramount.

After a torrid three months, the listed property sector has bounced back, with some commentators saying it is a more attractive buy than fixed property.

The Property Loan Stock Association (PLSA) will be hosting its first-ever management, REITs REALITY – towards a REIT environment in South Africa – on 16th and 17th August at the Sandton Convention centre.