RDC Property Group

rdc@rdc.bw

RDC PROPERTIES CONCLUDES ACQUISITION OF TOWER PROPERTY FUND

Botswana Stock Exchange-listed property investment company RDC Properties said on Friday that it had concluded the acquisition of JSE-listed company, Tower Property Fund.

This followed approval by Tower Property Fund shareholders of the transaction at a shareholder meeting on November 24. The South African Takeover Regulation Panel declared the transaction unconditional on December 8.

Tower will delist from the JSE at the end of this month.

RDC Properties executive chairman Guido Giachetti said the acquisition was ground-breaking for the group, and provided them with exposure to quality property assets in South Africa as well as in the Euro priced Croatian market.

“We look forward to leveraging our significantly strengthened balance sheet as we consider future growth opportunities in the region,” he said.

The acquisition of the Tower Property Fund more than doubles the value of the RDC portfolio to R7.8 billion from R3.6bn.

RDC’s portfolio includes a mix of commercial, retail and hospitality properties across a geographical spread that includes Botswana, South Africa, Mozambique, Madagascar, the US and now Croatia.

RDC entered the South African market in 2017 with the acquisition of a majority stake in Capitalgro Properties run by Gary Fisher, who also joins the RDC executive team together with Tower executives Marc Edwards and Joanne Mabin, as the company enters a new era, a statement said.

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