Black-controlled Rebosis Property Fund and Delta Property Fund have put their respective take-over bids for Ascension Properties on hold to avert a protracted bidding war for Ascension's lucrative R3.2bn portfolio of government-tenanted offices.

Surprise claims that Ascension has signed agreements to sell its management company simultaneously to Rebosis and Delta‚ unbeknown to the other party stuns property analysts.

Delta Property Fund today announced that it has concluded agreements to acquire a 17.75% stake in Ascension properties, and has received letters of support from institutional investors, which together effectively secure Delta a major 41.40% investor voting bloc in Ascension.

Delta Property Fund says it is entitled to a R10m break fee following Monday's announcement that Rebosis would acquire Ascension's management company for R150m.

Delta Property Fund, a black-managed and substantially black-owned property fund with significant exposure to government tenanted offices, today reported its interim results for the six months ended 31 August 2013. 

A strong argument can be made that unlike the resources sector, which has captured most of the headlines around black economic empowerment (BEE), in the listed property sector empowerment policies have worked.

Delta Property Fund's strong' first-time credit rating from Global Credit Rating (GCR) reflects the fund’s high quality and long-dated leases with government departments and parastatals

Delta Property Fund enters an agreement to acquire Phamog Properties for R378m.

Investors may still be wary of exposure to government-tenanted buildings after a number of public works leasing scandals hit the headlines last year.

Delta Property Fund, a black-managed and substantially black-owned property fund with significant exposure to government tenanted offices, today reported its maiden annual results for the year ended 28 February 2012.