Safari Investments, which invests in shopping centres in rural areas and small towns, will buy out Fairvest Property Holdings in a share-swap deal worth R3.5bn, the landlords said on Tuesday. The two had  previously outlined plans for a “friendly merger”.

The proposed tie-up will create a company with R6bn worth of assets and adds impetus to consolidation in the local real-estate market, which lost more than R120bn of its value in 2018 due to a sell-off in shares amid governance concerns, especially around the Resilient stable of property companies.

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