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Hyprop, Vunani buy R67m in property

Posted On Thursday, 30 November 2006 02:00 Published by Commercial Property News
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Hyprop Investments and black-owned Vunani Properties have boosted the portfolio of Vunani Property Investment Fund by buying R67m in property

Hyprop Investments and black-owned Vunani Properties have boosted the portfolio of Vunani Property Investment Fund (VPIF) - their BEE partnership project - with the acquisition of a 67 million rand portfolio of properties from Standard Bank (SBK). 
 
In a continuing effort to improve black representation at board level in the company, Hyprop has at the same time appointed former Independent Electoral Commission official Khosi Sibisi as a non-executive director to further guide transformation.
 
The property acquisition will bring the value of VPIF's total portfolio to 422 million rand from 377 million rand at launch in May 2006.  At the time of launch Hyprop had sold VPIF five non-core commercial buildings for 174.5 million rand with other properties sold to the fund by Vunani.
 
VPIF recently acquired two commercial buildings in Pretoria valued a 46 million rand as part of Vunani Properties' initial contribution.
 
The VPIF portfolio has to date comprised mainly commercial properties with government tenants in Johannesburg, Pretoria and Cape Town. The Standard Bank portfolio of properties, anchored mainly by Standard Bank branches, is situated in Johannesburg and smaller surrounding towns.
 
"This furthers VPIF's strategy of adding quality tenants while diversifying its portfolio across a national spread," said Hyprop CEO Pieter Prinsloo.
 
Transfer of the majority of the properties is expected in the next month.

The asset management of the properties will be undertaken by Vunani Properties together with Madison Property Fund Managers.
 
On completion of the acquisitions Hyprop will hold 49.8% of VPIF and Vunani Properties 50.2%. 

Last modified on Friday, 31 May 2013 10:42

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