The Competition Tribunal has unconditionally approved a property transaction involving the Discovery Group’s head office in Sandton, Gauteng. In terms of the transaction:

  • Discovery Propco (Pty) Ltd (“Discovery Propco”) will acquire Sections 2 and 3 of the sectional title scheme known as 1 Discovery Place (“Discovery Place”) from Growthpoint and the Truzen 114 Trust; and
  • Growthpoint Properties Ltd (“Growthpoint”) will at the same time acquire Section 1 from the same trust.

Discovery Propco, a new entity established for the purposes of the transaction, is a wholly owned subsidiary of Discovery Ltd (“Discovery”). Discovery is a public company listed on the Johannesburg Stock Exchange (“JSE”). While the group (best known for its presence across healthcare, insurance, banking and wellness) does not own office property in South Africa, Discovery Central Services, which forms part of the Discovery Group, is an existing tenant at Discovery Place.

Growthpoint is a property investment holding company, classified as a Real Estate Investment Trust (“REIT”) which is listed on the JSE. It invests in retail property in major urban centres and retains a diversified fund through investments in quality office nodes and in industrial parks.

Discovery Place features three linked towers over numerous office levels and basement floors, limited retail space, as well as conference and wellness facilities.