Emira Property Fund Limited (JSE:EMI) made an offer to acquire remaining 31.85% stake in Transcend Residential Property Fund Limited (JSE : TPF) from SA Corporate Real Estate Limited, International Housing Solutions (RF) Proprietary Limited and IHS (SAWHF Interest) Proprietary Limited for approximately ZAR 330 million on August 17, 2023. Emira intends to make an offer to acquire all of the issued ordinary shares in the share capital of Transcend from the Transcend Shareholders by way of a scheme of arrangement. The Offer is subject to shareholders approval of Transcend. ABSA Bank Limited has provided an unconditional and irrevocable bank guarantee to the TRP and for the benefit of Transcend Shareholders, confirming that, in aggregate, the Offeror has sufficient cash resources available to it to satisfy payment of the aggregate Scheme Consideration. As of September 1, 2023, Transcend distributed a notice of Scheme Meeting for the purposes of approving the resolutions required to implement the Scheme. The Scheme Meeting of Transcend Shareholders will be held on October 2, 2023. As of October 2, 2023, Shareholders of Transcend have approved the scheme. As of October 18, 2023, Transcend announces that all outstanding Scheme Conditions Precedent have been fulfilled and the Scheme is now wholly unconditional. The scheme implementation date is expected to take place on November 13, 2023.

QuestCo (Pty) Limited acted as Corporate Advisor and Transaction Sponsor and Valeo Capital Proprietary Limited acted as fairness opinion provider to Transcend Residential Property Fund Limited.