Exchange-Listed Companies

After several delays due to the damages caused by the 2024 flash floods in Spain’s Valencia Region, Vukile Property Fund has, via its subsidiary Castellana Properties, concluded an agreement to acquire Bonaire Shopping Centre. The deal with the subsidiaries of French multinational Unibail-Rodamco-Westfield, is for the largest shopping centre in the Valencia area for a purchase consideration of €305 million.

The owner and operator of business and industrial parks in Germany and the UK, Sirius Real Estate, has disposed of its BizSpace Tyseley Business Park in Brimingham for £6,7 million, reflecting a 20% premium to its September 2024 book value. The asset was acquired by Sirius in November 2021 for £5,1 million. In another transaction announced this week, Sirius has agreed to acquire Chalcroft Business Park for £36,5 million, representing a net initial yield of 5.5%, as well as an adjoining 4.5 acre piece of development land for £4 million.

SuperMarket Income REIT acquired a further nine omnichannel Carrefour supermarkets in France via a sale and leaseback with Carrefour. The purchase price of €36,7 million reflects a net initial yield of 6.8% and a weighted average lease term of 12 years.

Assura plc, the UK healthcare REIT, which took an inward listing on the JSE in November 2024 has received a second non-binding proposal from KKR and Stonepeak Partners regarding a possible cash offer for the company at 49.4 pence per share. In terms of this proposal, shareholders would retain the declared quarterly dividend of 0.84 pence per share and receive a cash consideration of 48.56 pence per share. This represents a 2.9% increase on KKR’s previous indicative non-binding proposal of 48 pence per share. Assura confirmed that it had also received a non-binding proposal from Primary Health Properties plc regarding a possible all-share combination with an implied value of 43 pence per Assura share which the Board rejected. Primary Health Properties took a secondary listing on the JSE in October 2023.

The Competition Commission has approved the acquisition by Remgro’s 57%-held subsidiary Vumatel of the remaining 52% shareholding in Herotel. Vumatel first acquired a non-controlling stake in Herotel in 2022.

Unlisted Companies

The Climate Investment Fund, managed by Norfund, is partnering with Nedbank to invest R575 million into Pele Green Energy, a South African BEE infrastructure and development company founded in 2009. The investment was made into the newly established Pele Energy Fund 1 with Nedbank and Norfund as limited partners. The capital raise will provide the flexibility to accelerate project development, scale impact and secure new opportunities.

DealMakers is SA’s quarterly M&A publication.
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