Indluplace Properties, a residential-focused REIT, is set to delist from the JSE in August following a buyout offer from diversified group SA Corporate.
- Indluplace’s major shareholder, Fairvest, considered its stake non-core to its business, while difficult equity market conditions and a need for scale in the residential property business were cited as additional reasons to delist.
- SA Corporate offered R3.40 per Indluplace share, which is about a 13% premium, and the company is set to become a wholly-owned subsidiary.
- Indluplace owns a residential property portfolio comprising 9,189 residential units, including student accommodation, as well as retail space associated with the residential buildings.
- Indluplace’s delisting is expected to result in significant cost savings, increased flexibility, and a simplified corporate structure.