Vukile acquires Parktown building
2006-02-22
South African property loan stock company Vukile (VKE) is to acquire the Oakhurst office building in Parktown, Johannesburg, from Sanlam Life Insurance for R34.4 million.
Oakhurst is a modern five-storey building with a lettable area of 9,085 square meters situated at the St Andrews off-ramp from the M1 South.
Vukile CEO Gerhard van Zyl said given its prime location, the fact that it was almost fully let to blue-chip tenants and its longer-term upside potential in the strengthening Parktown property market, Oakhurst met all the company's investment criteria. The acquisition yield is 10.6%.
Van Zyl also said that Vukile's existing property portfolio had posted a strong letting performance in 2005, with renewals and new deals totalling close to R270 million over a combined area of approximately 154,000 square meters.
Source: eProp - www.eprop.co.za
Get commercial property news by email
Free alerts when we publish — pick a focus or get everything, unsubscribe in one click. Subscribe »
More commercial property news
- R59 Million Centre Extends SA Retail-Vukile Partnership 2006-10-26
- Hotels, hi-tech warehouse on offer 2006-10-26
- New R150m sectional title offices launches at Century City 2006-10-25
- SA creativity highlighted 2006-10-25
- Java to oversee Reit adoption 2006-10-25
- Calulo has new MD and big plans 2006-10-25