The Competition Tribunal has unconditionally approved the acquisition of JSE-listed residential property company Balwin Properties by the Government Employees Pension Fund (GEPF), represented by the State-owned Public Investment Corporation (PIC), and Volker Holdings that have formed a bidco.
Following the implementation of the merger, Balwin will be under the control of the bidco.
The PIC serves as the GEPF’s asset manager. It manages investments across a range of asset classes including equities, property and fixed income on behalf of the GEPF.
Further, the GEPF holds a portfolio of residential properties in South Africa, in addition to other investments.
Volker is the holding company established solely to hold shares in Balwin on behalf of Balwin founder and CEO Stephen Brookes. Beyond its non-controlling shareholding in Balwin, it has no commercial interests in residential or other property, the tribunal says.
