The Competition Tribunal (“Tribunal”) has conditionally approved the proposed merger wherein CBD Investments (Pty) Ltd (“CBD Investments”) intends to acquire a portfolio of property rental enterprises from Rebosis Property Fund Ltd (“Rebosis”), Ascension Properties (Pty) Ltd (“Ascension”), Main Street 1119 (Pty) Ltd (“Main Street”) and Cape Horizon Properties 125 (Pty) Ltd (“Cape Horizon”) (collectively referred to as the target firms).

 

The Tribunal has approved the transaction subject to a condition involving the promotion of a greater spread of ownership.

 

The CBD Group is a property investment holding company which owns a property portfolio comprising retail, industrial, office, residential and specialised properties as well as vacant land. Of relevance to the proposed transaction is the CBD Group’s activities in the provision of industrial and office properties.

 

The target firms are all subsidiaries of Rebosis, a Real Estate Investment Trust listed on the Johannesburg Stock Exchange.