Redefine bidding to acquire Fountainhead Property Trust’s portfolioFebruary 6th, 2013 | Posted by in Commercial Property
It was reported recently that the Fountainhead Property Trust negotiations on the unsolicited offer from Redefine Properties to acquire all its property assets was complete “in all material respects”, but it had extended the deadline until February 22 2013.
At the same time of this offer, Growthpoint Properties also lodged an unsolicited bid. It was decided however, by the Fountainhead’s independent committee, not to engage with Growthpoint, but deal exclusively with Redefine. This exclusivity was scheduled to expire on the 31st January 2013 if a written sale agreement had not been concluded, but this was extended to the 22nd February 2013.
Foutainhead Property Trust said the exclusivity had been extended to verify the proposed execution of sale by its’ newly appointed trustee, and that it complied with the Collective Investment Schemes Control Act and its trust deed. Fountainhead units lost 0.82% at the end of January 2013.