JSE-listed property companies fall out over collapsed deal
Damages case possible after Texton fails to complete purchase of Equites portfolio
Texton Property Fund’s woes continue with the JSE-listed company now possibly facing legal action after an acquisition that would have seen it buy a portfolio of logistics assets fell through. Texton, which owns assets worth about R5.4bn in the UK and SA, announced on Thursday that it had failed to complete the legal paperwork required for a deal with industrial specialist Equites Property Fund to take place. This has put more pressure on Texton’s struggling share price, which fell 1.75% to R4.50 on Thursday. This downward trend continued on Friday, with the share closing 2.22% lower at R4.40. The company announced on May 21 that it would acquire the logistics assets from Equites. “Shareholders are advised that the acquisition agreements have been terminated by Equites due to Texton being unable to perform under the acquisition agreements,” Texton said late on Thursday. Equites CEO Andrea Taverna-Turisan said his fund would seek damages if it was unable to collect a similar price fo...
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