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NCIB plays key role in SA Corporate’s acquisition and subsequent delisting of Indluplace

NCIB plays key role in SA Corporate’s acquisition and subsequent delisting of Indluplace

author

Staff writer

Posted 10/08/2023 Updated 29/08/2023 2 mins

2 mins

Nedbank Corporate and Investment Banking (CIB), recently played a pivotal role in the successful acquisition and subsequent delisting by SA Corporate Real Estate Limited (“SA Corporate”) of Indluplace Properties Limited (“Indluplace”). Acting through our Corporate Finance team, CIB served as the exclusive corporate advisor and transaction sponsor in the transaction, which involved the integration of Indluplace Properties Limited ("Indluplace") into SA Corporate's portfolio.

SA Corporate boasts a diverse array of industrial, retail, and residential properties strategically positioned in key urban centres across South Africa and supplemented by a secondary presence in Zambia. Indluplace also owns an extensive residential property portfolio within South Africa, and in 2015 secured the distinction of being the first residential-focused Real Estate Investment Trust (REIT) to attain listing on the Main Board of the Johannesburg Stock Exchange (JSE).

The successful acquisition was executed through a scheme of arrangement, culminating in a cash transaction valued at approximately R1.007 billion (equating to R3.40 per Indluplace ordinary share). This financial arrangement has enabled SA Corporate to significantly augment its residential property holdings, aligning seamlessly with its overarching strategy of developing a quality residential portfolio of scale whilst diversifying funding sources through direct investments from socially responsible impact investors. Concurrently, this acquisition has provided Indluplace shareholders with a liquidity event.

This transaction has not only amplified our advisory prowess within the realm of publicly listed property ventures but has also solidified our existing partnership with SA Corporate, a formidable player within the property sector.

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