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Growthpoint Buys Stakes in Two Property Companies in Retail Push

Growthpoint Properties Ltd. will become the biggest shareholder in two property operators as South Africa’s biggest real-estate company seeks to expand its business with retail and office offerings.

As part of a 4.66 billion rand ($444 million) share-swap deal, Growthpoint will acquire 34.9 percent in Acucap Properties Ltd. and 31.5 percent in Sycom Property Fund, the Johannesburg-based company said in a statement today. Acucap shares gained as much as 5.6 percent in Johannesburg trading while Sycom surged 11 percent. Growthpoint fell 1.9 percent.