Arrowhead-Gemgrow merger to go ahead
The merged property company will have assets worth about R16bn with investors able to trade the new entity’s shares from September 16
The shareholders of JSE-listed real estate investment trusts (Reits), Gemgrow Properties and Arrowhead Properties have approved the proposed merger of the companies, paving the way for the creation of a R16bn property fund.
The reverse takeover of Gemgrow by Arrowhead, which previously held 53.3% of Gemgrow’s shares, will create a larger, and more well-balanced property portfolio of 212 properties, diversified across the three asset classes with a gross lettable area of 1,335,197m² spread across all nine provinces in SA. Arrowhead will also continue to invest in SA only.