Arrowhead Property said on Tuesday that an independent board had endorsed a proposal in which the competitor, Fairvest, would acquire a majority stake in a company in a share swap deal that would solidify their footprint in the lower end of the SA retail market.

“The independent board is strongly of the view that the benefits of a transaction between Fairvest and Arrowhead would best be unlocked through a merger that creates a single, larger, more liquid real estate investment trust (Reit),” Arrowhead said in a statement...

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