Vukile to acquire Giyani Plaza in Limpopo
2011-04-14 · General Property News
Johannesburg, 11 April 2011 - Property loan stock company Vukile 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.
Giyani Plaza is situated in Giyani, Limpopo and has a total lettable area of 9 443m². Vukile CEO Gerhard van Zyl said, given its location, the acquisition was in line with the company's strategy of investing in properties with strong contractual cash flows in selected rural areas. The acquisition yield is 10.64%.
The purchase price will be settled in cash on or before 31 July 2011. Should the property be transferred after this date, the purchase price will increase by an amount equal to 0.67% compounded for every month after 31 July 2011 until the transfer date.
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