Community Property Company (Pty) Ltd And Ulundi King Senzangakona Shopping Centre currently owned by Vukile Property Fund Limited
The Tribunal has unconditionally approved the large merger whereby Community Property Company (Pty) Ltd (“CPC”) will acquire the letting enterprise known as Ulundi King Senzangakona Shopping Centre located in Ulundi, in northern Kwa-Zulu Natal (“target property”). Post-merger, CPC will have sole control over the target property.
After hearing and considering submissions from the Competition Commission (“the Commission”) and the merger parties, the Tribunal concluded that the transaction does not raise any competition concerns. In relation to public interest considerations, the merger parties have provided an unequivocal statement that the transaction will not have a negative impact on employment i.e., there will be no merger-related retrenchments or job losses. The transaction does not raise any further public interest concerns.
CPC is ultimately controlled by Old Mutual Limited. The acquiring group (CPC, its subsidiaries and all the firms controlling it) is a registered financial services provider. Through CPC, the acquiring group is a property fund with a portfolio made up of retail property, primarily community, small regional and regional shopping centres in rural and township areas. The acquiring group owns rural and township retail properties throughout South Africa.
The target property is the letting enterprise known as Ulundi King Senzangakona Shopping Centre, controlled by Vukile Property Fund Limited. It consists of a main linear mall with line shops, a formal taxi rank, a KFC drive through and a fast-food court. The target property houses anchor stores such as Spar, Game and Cashbuild. Other tenants include Clicks, Truworths, Pep, Mr Price, Nandos, Wimpy, Markhams and Total Sport.
AIF I Africa C&I Renewable Energy LLP And
Reunert Investment Company No2 (Pty) Ltd
The Tribunal has unconditionally approved the large merger whereby AIF I Africa C&I Renewable Energy LLP (“AIF I C&I”) will acquire shares in Reunert Investment Company No.2 (Pty) Ltd (“RIC 2”).
The Tribunal has concluded that the merger is unlikely to substantially lessen or prevent competition in any market in South Africa. In addition, the merger does not raise any public interest concerns.
AIF I C&I is a limited liability partnership incorporated under the laws of England and Wales. It is ultimately controlled by A.P Moller Holding A/S ("APMH"), a public limited company incorporated under the laws of Denmark. AIF I C&I was established for the purposes of the transaction and does not conduct any business activities in South Africa. The APM Group comprises firms that engage in business activities such as infrastructure, transportation and logistics and drilling services, among others.
The primary target firm is RIC 2, a South African company. The RIC Group provides energy and water usage monitoring and management software solutions. It also installs solar photovoltaic solutions in retail centres, offices and factories which involves connecting solar panels to electricity and which results in the use of solar energy to reduce electricity consumption.
The GEPF And The Leasehold Rights (and obligations) in respect of the immovable property situated at Erf 4525 Jukskei View Extension 89 Township and letting enterprise being conducted in respect of the building(s) erected thereon
The Tribunal has unconditionally approved the large merger whereby the Government Employee Pension Fund (represented by the Public Investment Corporation SOC Limited) (“the GEPF”) will acquire all the leasehold rights and obligations in respect of the immovable property situated at Erf 4525 Jukskei View Extension 89 Township, Gauteng (the “Deloitte Property”) and the letting enterprise conducted on the Deloitte Property (the “Deloitte Property Business”), as a going concern from Dale Creek Investments (Pty) Ltd (“Atterbury”) and Attacq Waterfall Investment Company (Pty) Ltd (“AWIC”).
The Deloitte Property and Deloitte Property Business are collectively referred to as the target firm. Post-merger, the GEPF will exercise sole control over the target firm.
The Tribunal concluded that the transaction is unlikely to substantially lessen or prevent competition in any market in South Africa. In addition, the merger does not raise any public interest concerns.
The primary acquiring firm is the GEPF, a pension fund which is not controlled directly or indirectly by any firm. It is managed by the PIC which, in turn, is wholly owned by the South African Government. The GEPF directly and indirectly controls a number of firms. The GEPF group is a ‘defined-benefit fund’ whose core business is to manage pensions and related benefits on behalf of government employees in South Africa. In doing so, the GEPF group invests in a variety of asset classes and businesses that are active in a variety of industries.
The target firm comprises all rights and obligations in respect of the Deloitte Property and in respect of the Deloitte Property Business (including the Deloitte Lease). Pre-merger, it is jointly controlled by Dale Creek Investments (Pty) Ltd (“Atterbury”) and Attacq Waterfall Investment Company (Pty) Ltd (“AWIC”).