SKG Properties Fund v Redefine Properties (LM149Dec21) [2022] ZACT 52 (14 March 2022)

SKG Properties Fund v Redefine Properties (LM149Dec21) [2022] ZACT 52 (14 March 2022)

The Tribunal found that the proposed acquisition of the properties known as 34 Wrench Road and Pepkor Isando by SKG Properties Fund I from Redefine Properties Limited does not raise any competition or public interest concerns. The properties are rentable light industrial spaces and the transaction will result in SKG Properties Fund I having sole control. The Tribunal concluded that the merger does not substantially prevent or lessen competition in any relevant market and does not negatively affect public interest. Accordingly, the merger was approved unconditionally.

Citation
[2022] ZACT 52
Parties
Applicant: SKG Properties Fund I (Pty) Ltd; Respondent: Redefine Properties Limited
Court
Competition Tribunal
Jurisdiction
South Africa
Judgment Date
14 March 2022
Case Number
LM149Dec21
Procedural Posture
Large Merger / Final Determination
Outcome
Merger approved unconditionally.
Legal Topics
Merger Control, Unconditional Approval, Property Acquisition
Competition Law Commercial and Corporate Merger Control Unconditional Approval Property Acquisition

Case Brief

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Parties

SKG Properties Fund I (Pty) Ltd

Applicant

Redefine Properties Limited

Respondent

Procedural Posture

Large Merger / Final Determination

Legal Issues

  1. 1 Whether the proposed acquisition of 34 Wrench Road and Pepkor Isando by SKG Properties Fund I from Redefine Properties Limited raises competition concerns.
  2. 2 Whether the merger should be approved with or without conditions.

Ratio Decidendi

The Tribunal found that the proposed acquisition of the properties known as 34 Wrench Road and Pepkor Isando by SKG Properties Fund I from Redefine Properties Limited does not raise any competition or public interest concerns. The properties are rentable light industrial spaces and the transaction will result in SKG Properties Fund I having sole control. The Tribunal concluded that the merger does not substantially prevent or lessen competition in any relevant market and does not negatively affect public interest. Accordingly, the merger was approved unconditionally.

Court Disposition

Merger approved unconditionally.

Orders

  • The large merger between SKG Properties Fund I (Pty) Ltd and Redefine Properties Limited in respect of 34 Wrench Road and Pepkor Isando is approved without conditions.