South Africa’s Vukile Property Fund has said it will not make an offer to acquire Capital & Regional after failing to reach an agreement with Growthpoint Properties, the mall owner’s majority shareholder.
Vukile said it engaged with Growthpoint, which controls some 68.1% of Capital & Regional’s share capital, to evaluate the potential terms and structure of a possible offer.
However, Vukile said it had not been able to reach an agreement as to the terms and structure of any possible offer.
Last week, Vukile and NewRiver REIT both signalled their interest in buying Capital & Regional. Vukile made a non-binding, indicative proposal to its board in April.
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