SENS: Balwin Properties – Acquisition of Waterfall Node Development rights & withdrawal of cautionary announcement

Shareholders are referred to the cautionary announcement dated 16 October 2015 and the renewal of cautionary announcement dated 25 November 2015, in terms of which shareholders were advised that Balwin is currently engaged in negotiations for the acquisition of development rights in Johannesburg’s Kyalami / Waterfall node on which an approximate 15,000 residential sectional title units may be developed.

The board of directors of Balwin is pleased to announce that pursuant to its negotiations, Balwin has concluded a nonbinding conditional agreement with Portimix Proprietary Limited (“Portimix”), in terms of which Balwin will acquire development rights in Johannesburg’s Kyalami / Waterfall node, which development rights are anticipated to be developed over an 8 – 10 year period commencing on 1 January 2017. The acquisition of the following development
rights from Portimix, the owner of the development rights, are not inter-conditional upon the acquisition of the other and are subject to the conditions precedent set out below.

 Polo Fields, development rights for approximately 30.8 hectares (“Polo Fields”);
 Waterfall Fields, development rights for approximately 126.0 hectares (“Waterfall Fields”); and
 Waterfall Village, development rights for approximately 76.0 hectares (“Waterfall Village”).
(collectively the “Proposed Acquisition”).

Read more here: Balwin Properties Acquisition