Exchange-Listed Companies
Hammerson plc is to acquire the remaining 50% shareholding in Bullring and Grand Central for a net cash consideration of £319 million to be funded through the suspension of the share buyback programme, existing cash resources and the net proceeds of £315 million from an equity placing of 48,25 million shares. The acquisition represents a 4% discount to 30 June 2025 book value, a blended net initial yield of 6.7% and a topped-up net initial yield of 7.7%, and additional annualised net rental income of c.£22 million. The acquisition is expected to complete in early August.
Spear REIT announced the acquisition of two properties in Cape Town. The company will acquire Consani Industrial Park situated in Goodwood from a subsidiary of Adrenna Property Group for a purchase consideration of R437, 3 million. The transfer date is anticipated to be 1 November 2025. Spear has also acquired the Maynard Mall in Wynberg from Aria Property Group for a purchase consideration of R455 million. The acquisitions align with Spear’s strategy to grow its portfolio of industrial assets within the Western Cape. Both deals constitute category 2 transactions.
In a voluntary update RMB Holdings (RMH) has disclosed that 50%-held Integer Properties 3 which holds a 50% stake in Senzosol has disposed of a warehouse based in Montague Gardens. RMH will receive net proceeds of c.R22,2 million which it will use to reduce the disproportionate shareholders’ loan from RMH Property.
The circular for the offer by Sekunjalo Investments to takeout Ayo Technology Solutions has been released. In May, Sekunjalo and its concert parties announced a firm intention to acquire 155,322,853 Ayo shares at a cash consideration of 52 cents per share. If shareholders, who will meet on 29 August, approve the scheme, the company will delist from the JSE on 30 September 2025.
Hyprop Investments terminated its conditional voluntary bid for a controlling stake in MAS plc it made just 10 days earlier. Hyprop offered minorities a combination of cash and Hyprop shares. A material condition of the Hyprop bid was access to the DJV agreements and as anticipated the MAS board refused to make these available without the consent of Prime Kapital.
In its latest update, Primary Health Properties plc says it has received valid acceptances for c.1.21 % of Assura shares under the revised offer. Assura shareholders have until 12 August 2025 to accept the offer.
Prosus has extended the acceptance period for minority shareholders to accept its offer to acquire Just Eat Takeaway.com to 1 October 2025. Prosus made to offer in February in a deal valued at the time of €4,1 billion (c.R79 billion). The extension has been made to accommodate the ongoing regulatory review clearance timeline set by the European Commission.
Unlisted Companies
Mergence Investment Managers, a South African investment management firm, has announced an additional investment of R60 million into renewable energy company Solarise Africa. The investment follows R160 million invested in 2024. The latest funding is structured as a mezzanine facility through preference shares. The new capital will support the deployment of additional solar PV and hybrid energy systems across a diverse portfolio of commercial and industrial clients.
BSM Investments has made a strategic equity investment in Thunder Brothers – a car wash business offering a comprehensive range of services with a strong presence across three provinces. For BSM Investments, the partnership marks the establishment of an automotive services investment platform in South Africa.
DealMakers is SA’s quarterly M&A publication.
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