Oryx Properties Ltd (NMSE:ORY) agreed to acquire Tuinweg Property Investments (Pty), Ltd. from Growthpoint Properties Limited (JSE:GRT) for NAD 220 million on May 28, 2013. Oryx Properties Ltd signed an agreement to acquire Tuinweg Property Investments (Pty), Ltd. from Growthpoint Properties Limited (JSE:GRT) on June 28, 2013. The acquisition will initially be funded by 100% debt and Oryx received proposals and commitments from various financial institutions to fund the acquisition.

The agreement includes various suspensive conditions to be fulfilled along with approval from Competition Commission and purchaser completing the due diligence investigation pertaining the leases, structural, mechanical, legal and financial aspects of the building. The transaction is expected to complete by September 1, 2013 but could be deferred to October 1, 2013 should the Competition Commission approval not be obtained timely. The deal is approved by Board of Oryx on May 28, 2013.