HET Acquisition Neutral
HERIOT REIT LIMITED - Acquisition of 75% Interest in KPI and Distribution of Circular in terms of Sec 60 of the Companies Act
Heriot REIT Limited
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What this filing means
Heriot REIT is acquiring a 75% interest in Katleho Property Investments from related parties for R128.9 million via a share issuance at R23.00, priced at a 20% discount to NAV.
Bull case
- The deal adds three income-producing commercial office properties (Infinity Park, 238 Roan Crescent, and Meyersdal Office Park) with a combined externally-appraised fair value of R318.25 million.
- The target entity demonstrated solid profitability, generating R42.77 million in attributable profit before taxation for the rolling twelve months ended 31 May 2026.
Bear case
- The transaction is executing via a Section 60 written resolution, effectively bypassing a physical shareholder meeting for minority engagement.
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