Vunani Property Investment Fund receives approval to raise R760m for acquisitions

Posted On Friday, 31 May 2013 10:05 Published by Commercial Property News
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Vunani Property Investment Fund (VPIF) received substantial approval from linked unit holders to raise up to R760 million by way of a rights offer to grow its portfolio.

Rob KaneCEO of VPIF, Rob Kane, commented, "We received overwhelming support from our linked unit holders with a 100% vote in favour of the proposed capital raise.

"The proceeds of the rights offer will be used to settle debt associated with the acquisitions of The Business Centre in Rivonia and the Brickfield Road property, as well as to settle the purchase consideration for the acquisition of the Greenstone Hill properties and certain other properties currently under negotiation."

These acquisitions are in line with VPIF's acquisitive growth strategy.

"The transaction will further enable VPIF to grow the portfolio by the acquisition of high quality, yield-enhancing properties. Post the acquisition, VPIF will own 11 of the 15 buildings in the Greenstone Hill Office Park." Kane concluded.

Last modified on Friday, 31 May 2013 10:27

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