Property loan stock company Vukile Property Fund is to acquire the Giyani Plaza retail centre in Limpopo from Sanlam Life Insurance for R68.25 million, subject to the fulfilment of certain suspensive conditions.
Vukile CEO Gerhard van Zyl said the deal was in line with the company's strategy of investing in properties with strong contractual cash flows in selected rural areas. The acquisition yield was 10.64%.
The purchase price would be settled in cash on or before July 31.
Should the property be transferred after this date, the purchase price would increase by an amount equal to 0.67% compounded for every month after July 31 until the transfer date.
