R10bn Octodec, Premium merger receives shareholder nod

Shareholders of JSE-listed real estate investment trusts (REITs) Octodec and Premium Properties have approved the proposed merger of the two companies, creating a combined property fund that will attract a market capitalisation in excess of R5-billion and comprise 325 properties valued at some R10-billion. The merger, which was expected to become effective in September, would result in Premium and unlisted property ownership and development vehicle IPS Investments – in which Premium and Octodec each held a 50% share – becoming wholly owned subsidiaries of Octodec.