Acucap Properties to become subsidiary of Growthpoint

The consideration would comprise a share exchange between Acucap shareholders and Growthpoint at an exchange ratio of 1.97 Growthpoint shares for each Acucap share held by Acucap shareholders‚ Acucap said in a statement.

Acucap would become a wholly owned subsidiary of Growthpoint‚ its listing on the JSE would be terminated and Growthpoint would indirectly own 100% of the shares in Sycom Property Fund Managers‚ the statutory fund manager of Sycom and‚ directly or indirectly‚ about 99% of the participatory interests in Sycom‚ the company said.