BRIEF-Transcend Residential Property Fund Acquires 2,159 Residential Units For 1.27 Bln Rand

  • Reuters
  • Stock Market News
BRIEF-Transcend Residential Property Fund Acquires 2,159 Residential Units For 1.27 Bln Rand
Credit: © Reuters.

Oct 8 (Reuters) - Transcend Residential Property Fund Ltd TPFJ.J :

* ACQUISITION OF 2,159 RESIDENTIAL UNITS AND UPDATE ON PREVIOUSLY ANNOUNCED ACQUISITIONS

* ACQUISITION OF 2,159 RESIDENTIAL UNITS FOR R1.27 BILLION

* TRANSACTIONS WILL BE FUNDED 40% WITH EQUITY & 60% WITH DEBT

* INTENDS TO APPLY FOR A MIGRATION TO MAIN BOARD OF JOHANNESBURG STOCK EXCHANGE

* DEAL WILL BE FUNDED 40% WITH EQUITY (FULLY COMMITTED AND UNDERWRITTEN) AND 60% WITH DEBT

* INTENDS TO RAISE APPROXIMATELY R468 MILLION OF NEW EQUITY BY WAY OF A VENDOR PLACEMENT OF TRANSCEND ORDINARY SHARES

* EMIRA PROPERTY COMMITTED TO BUY ADDITIONAL SHARES IN CO

* EMIRA PROPERTY TO HOLD MINIMUM OF 25.1% & UP TO MAXIMUM OF 34.9% OF CO'S SHARES AFTER DEAL CLOSE

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