Investment company Fledge Capital interested in acquiring a 50% stake of RMB Holdings Integer properties for R60 million
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RMB Holdings (RMH), which said on Monday that Brightbridge Real Estate had approached it to acquire its major property interests for R1.75 billion, said yesterday that Fledge Capital was interested in acquiring the 50 percent stake in Integer 3 for R60 million.
Fledge’s interest did not include RMH’s indirect interests in Integer 1 and Integer 2. The Integer Properties portfolio had a net asset value of R182m as at March 31, 2021, of which R168m related to Integer 3 and R14m collectively related to Integer 1 and Integer 2.
Brightbridge’s target assets were the 27.5 percent stake in Atterbury Property Holdings, including a R534m loan claim held by FirstRand Bank, acting through its Rand Merchant Bank division, against Atterbury; 37.5 percent of Atterbury Europe Holding, including any shareholder’s loan claim; and 10.9 percent of Divercity Urban Property Fund, subject to the right of first refusal process between the existing shareholders of Divercity.
The net asset value of RMH, excluding the special dividend, as at March 31, 2021 was R3.49bn, some R2.94bn of which formed the Brightbridge target asset value. | Edward West