Merger Alert: Competition Tribunal conditionally approves Imperial Red’s acquisition of Brookside Mall
Notice
The following Merger Alert is for information purposes only and is not binding on the Competition Tribunal or any member of the Tribunal
Lead Text
The Competition Tribunal (“Tribunal”) has conditionally approved the proposed merger in which Imperial Red Properties (Pty) Ltd (“Imperial Red”) intends to acquire certain immovable properties and shopping centre known as Brookside Mall from Shoprite Checkers (Pty) Ltd ("Shoprite"). Post-merger, Brookside Mall will be a wholly owned subsidiary of Imperial Red.
Type of matter
Large merger
Parties involved
Imperial Red (Pty) Ltd and the immovable properties and shopping centre known as the "Brookside Mall" owned by Shoprite Checkers (Pty) Ltd
Tribunal Decision
Approved with conditions
Issued By
Gillian de Gouveia, Communications Manager
On behalf of the Competition Tribunal of South Africa
E-Mail:
GillianD@comptrib.co.za
Competition Tribunal conditionally approves Imperial Red’s acquisition of Brookside Mall
The Competition Tribunal (“Tribunal”) has conditionally approved the proposed merger in which Imperial Red Properties (Pty) Ltd (“Imperial Red”) intends to acquire certain immovable properties and shopping centre known as Brookside Mall from Shoprite Checkers (Pty) Ltd ("Shoprite"). Post-merger, Brookside Mall will be a wholly owned subsidiary of Imperial Red.
To address public interest concerns, Imperial Red agreed to public interest commitments as a condition of approval i.e. it has committed to procuring property maintenance services from suppliers who are Historically Disadvantaged Persons (“HDPs”) for a specified period.
Imperial Red develops and operates rentable properties. It wholly owns retail property enterprises in Pietermaritzburg, in KwaZulu-Natal. Brookside Mall is a retail shopping centre situated in Pietermaritzburg. The property is an enclosed shopping centre.
