Liberty Two Degrees (L2D), co-owner of Sandton City, is now part of Standard Bank Group following Liberty’s acquisition of L2D minority shares at R5.55 per share.
The company’s shares were suspended on the JSE on November 14.
On July 27, Liberty and Liberty Two Degrees announced Liberty's intention to buyout the minority shareholders in L2D, in terms of a scheme of arrangements, and subsequently delist L2D from the JSE. At the time, Liberty owned about a 61% stake in L2D.
Liberty CEO Yuresh Maharaj said that with L2D being a wholly owned subsidiary within the Standard Bank Group, it would be in stronger position to achieve scale and create additional value.
“We have always valued our investment in L2D and expect this transaction to facilitate the consolidation of our high-quality property assets and enhance the options to unlock the full potential of these assets,” said Maharaj.
Liberty Two Degrees co-owns assets valued at R8.3bn at the end of June. Its assets are predominantly retail focused including Sandton City Complex, Eastgate Complex, Nelson Mandela Square, Melrose Arch precinct, Liberty Promenade Shopping Centre, Liberty Midlands Mall and Botshabelo Mall. It also owns offices and hotel assets.
“This transaction accelerates the ability of L2D to increase competitiveness, providing L2D with a platform to advance its digital transformation aspirations as part of the big group,” CEO Amelia Beattie told Business Day.
Beattie said the business strategy remained to ensure long-term sustainable growth.
The Sunday Times recently recognised L2D in the list of Top 100 Companies — an event that acknowledges listed companies that have earned the highest returns for their shareholders over the last five years.
L2D continues to be a key player in the property industry, Beattie said.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.