Tribunal approval granted for Balxodox acquisition of industrial rental assets
The Competition Tribunal has unconditionally approved the merger that will see Balxodox (Pty) Ltd (“Balxodox”) take control of two light industrial rental properties in Cape Town.
In terms of the transaction, Balxodox will acquire the leasehold titles, rights and obligations associated with the Courier Guy building and the Morgan Cargo building (“the target properties”) from King Air Industria (Pty) Ltd (“King Air Industria”). Once the merger is implemented, control of the properties will transfer to Balxodox.
Balxodox is a special purpose vehicle established for the transaction. It forms part of a broader group that provides investment management services and invests in sale and leaseback investments in industrial, logistics, big box retail properties. These investments typically involve single tenanted buildings and blue-chip companies on long-term leases.
The target properties are located in Cape Town. The Courier Guy building is currently leased to the Courier Guy South Africa (Pty) Ltd and the Morgan Cargo building is leased to Morgan Cargo (Pty) Ltd.