Arrowhead acquires 31.7% of Vividend units

Arrowhead Properties (AWA) has concluded an agreement to acquire 84.966-million Vividend Income Fund (VIF) linked units representing 31.7% of the total Vividend linked units from Coronation Fund Managers.

The acquisition was unconditional and the purchase price would be discharged by the allotment and issue of 31.777-million Arrowhead A and B linked units payable on December 13 2013.

Arrowhead Properties chief operating office Mark Kaplan said: “This transaction is in line with our strategy of making only yield-enhancing acquisitions and diversifying risk through acquisitions. It provides Arrowhead with a strategic stake in‚ and indirect exposure to‚ Vividend’s R2bn portfolio‚ which we believe holds significant value and growth potential.”

Vividend’s portfolio consists of retail and commercial properties in SA and Arrowhead owns a diverse portfolio of retail‚ commercial and industrial properties in secondary locations throughout South Africa worth about R3bn.

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