The Tribunal has unconditionally approved the proposed large merger wherein Twin City Trading 2 (Pty) Ltd (“Twin City Trading”) intends to acquire shares in two rental enterprises known as Castle Gate Property and Club Retail Property (“the target properties”) from Castle Gate (Pty) Ltd (“Castle Gate”) and Club Retail Park (Pty) Ltd (“Club Retail”), respectively.
 
The acquiring group (Twin City Trading and all the firms that control it directly or indirectly) owns several properties of various types (residential, commercial and agricultural) both throughout South Africa and internationally. The acquiring group also has retail and office property in Pretoria. The target properties provide rentable retail, hospitality and office space in Pretoria.
 

Investec Property Fund Ltd, Investec Ltd And Investec Property;
and
Investec Property Fund (in respect of 2 office properties known as Investec Pretoria and Investec Durban), Investec and Investec Property (in respect of the SA Manco Internalisation)

 
The Tribunal has unconditionally approved the merger whereby Investec Property Fund Ltd (“Investec Property Fund”), Investec Property (Pty) Ltd (“Investec Property”) and Investec Limited (“Investec”) entered into an agreement in terms of which the management functions of Investec Property Fund's properties will be internalised.
 
Further, Investec and Investec Property will acquire property assets known as “Investec Pretoria” and “Investec Durban” (“Disposal Properties”).
 
Post-merger, the asset management functions of all properties owned by Investec Property Fund will be provided in-house by Investec Property Fund and the Disposal Properties will be wholly owned by Investec Property and, by extension, Investec.
 
The Investec Property Fund owns properties in various sectors in the property market in South Africa, including Investec Pretoria and Investec Durban. It does not conduct its own asset and property management services. This function is outsourced to Investec Property.