Fairvest Property Holdings Ltd. (JSE:FVT) entered into heads of agreements to acquire Clubview Corner, Middelburg Pick n' Pay, Omniplace and St George Square from SA Retail Properties Ltd. for approximately ZAR 130 million in cash on April 12, 2012. Fairvest Property intends to fund the purchase considerations for the deal through a combination of debt financing and new equity raise. In a related transaction Fairvest Property Holdings Ltd. entered into heads of agreements to acquire six more properties from SA Corporate.

The deal is subject to approval from antitrust bodies, municipality, waiving off of any pre-emptive rights contained in the leases and approval of Board Of Directors of SA Corporate and Fairvest Property. The deal is subject to consummation of due diligence by Fairvest Property and obtaining financing for the deal. The deal is expected to close on October 1, 2012. As of May 30, 2012, an agreement was signed for the deal and Fairvest has been granted an extension by SA Corporate Real Estate until July 2, 2012 for the satisfactory completion of the due diligence investigation. As of July 17, 2012, ters of the agreement were amended. The purchase price became ZAR 133.2 million. As of October 24, 2013, Competition Tribunal conditionally approved the deal.

In the medium-term, the Consideration will be used by SA Corporate to invest in high quality investment properties and to reinvest into certain existing assets for upgrades and tenant driven expansions. In the interim, the Consideration will be invested to reduce interest-bearing borrowings. PSG Capital acted as financial advisor to Fairvest Property. Java Capital (Proprietary) Limited acted as financial advisor and book runner to Fairvest Property. Nedbank Capital acted as financial advisor for SA Retail Properties Ltd. Broll Property Group acted as real estate advisor in the deal. BDO South Africa Incorporated acted as accountant for Fairvest Property.

Fairvest Property Holdings Ltd. (JSE:FVT) completed the acquisition of Clubview Corner, Middelburg Pick n' Pay, Omniplace and St George Square from SA Retail Properties Ltd. on January 19, 2013.