Sanlam Life Insurance Limited entered into an agreement to acquire property portfolio of Letting Enterprises/Properties from Ingenuity Property Investments Limited (JSE:ING) for approximately ZAR 950 million on April 19, 2018. As part of consideration, ZAR 949.2 million will be paid in cash. ZAR 265.1 million will be paid for Aurecon East, ZAR 132.2 million for Aurecon West, ZAR 233.8 million for The Gateway, ZAR 195.2 million for Mazars House and ZAR 122.8 million for Virging Active. The properties generated ZAR 81.696 million as revenues, ZAR 38.566 million as net income and ZAR 47.566 million as profit before tax for the year ended August 31, 2017. The transaction is subject to shareholder approval of Ingenuity, approval of competition authority and other conditions. As of July 5, 2018, Ingenuity's Board unanimously recommends that shareholders vote in favor of the transaction. As of July 6, 2018, the Competition Tribunal of South Africa has approved the transaction. The consideration will be used to reduce borrowings and provide equity through access facilities for investment and development opportunities when they arise. Webber Wentzel acted as legal advisor, Nedbank Corporate and Investment Banking acted as financial advisor, Mills Fitchet Magnus Penny & Wolffs acted as independent property valuer, and Computershare Investor Services Proprietary Limited acted as registrar to Ingenuity.