Emira Property Fund Limited (JSE:EMI) made an offer to acquire 59.31% of stake in Transcend Residential Property Fund Limited (JSE:TPF) from Public Sector Pension Investment Board, Development Bank of Southern Africa and others for approximately ZAR 520 million on July 13, 2022. Emira is paying ZAR 5.38 per Transcend share. Emira has already received irrevocable undertakings from 16.7% of existing shareholders to support the general offer. Emira has used a new specific ZAR 500 million facility from Rand Merchant Bank and available cash. The transaction is subject to competition commission approval and a minimum 57.4% stake in Transcend. As of July 29, 2022, Transcend Shareholders are advised that the Takeover Regulation Panel has granted the Company an extension for the distribution of the Offeror Circular until September 6, 2022. The offer will be closed on November 3, 2022. As per the update on October 4, 2022, Deloitte and the independent board consider the offer as unfair and recommend the shareholders to reject the offer. As of October 7, 2022, The transaction has been approved by the Competition Tribunal.

DG Capital Advisory acted as Corporate and financial Advisor, Questco Corporate Advisory Proprietary Limited acted as Transaction Sponsor, White & Case SA acted as Legal Advisor and Rand Merchant Bank, a division of FirstRand Bank Limited acted as Debt Sponsor for Emira. Java Capital acted as corporate and financial advisor while Webber Wentzel acted as legal advisor for Transcend. Deloitte & Touche Sponsor Services (Pty) Limited acted as a fairness opinion provider.

Emira Property Fund Limited (JSE:EMI) completed the acquisition of an additional 22.98% stake in Transcend Residential Property Fund Limited (JSE:TPF) from Public Sector Pension Investment Board, Development Bank of Southern Africa and others for ZAR million on October 21, 2022.