Tsogo Sun Hotels Limited entered into an agreement to acquire 7.98% stake in Hospitality Property Fund Limited (JSE:HPB) for approximately ZAR 170 million on July 20, 2020. As reported, Tsogo Sun Hotels Limited entered into share for share agreements with clients of Allan Gray Proprietary Limited, Aylett & Co Proprietary Limited, Prudential Investment Managers (South Africa) Proprietary Limited and Bateleur Capital Proprietary Limited to acquire, in aggregate 46.1 million shares in Hospitality Property Fund Limited. The shares will be acquired in exchange for the issue and allotment of 81.7 million Tsogo Sun Hotels ordinary shares at an exchange ratio of 1.77 Tsogo Sun Hotels shares for every 1 Hospitality Property Fund share. The transactions are unconditional. The effective date of the agreement will be three business days after the date on which JSE approve the listing of the consideration shares, which is anticipated to be no later than July 22, 2020. Investec Bank Limited (JSE:INLP) acted as financial advisor and Edward Nathan Sonnenbergs Inc. acted as legal advisor to Tsogo Sun Hotels Limited.

Tsogo Sun Hotels Limited completed the acquisition of 7.98% stake in Hospitality Property Fund Limited (JSE:HPB) on July 28, 2020, Following the acquisition, Tsogo Sun Hotels Limited will directly and indirectly hold 67.13% in Hospitality Property Fund Limited.