South African retail property specialists, Resilient Property Income Fund, has completed the negotiations to buy Jubilee Mall in Hammanskraal, located north of Pretoria, from NAD Property Income Fund.. According to the company, the acquisition is part of the its strategy of investing in “dominant regional retail properties.”
The mall takes up a total floor space of 52, 577 sq m,51, 377 sq m of which is retail and the remaining 1200 sq m is made up of office space.
The Jubilee Mall was previously owned by NAD Property Income Fund and managed by New Africa Developments (NAD). Resilient was one of South Africa’s best performing listed stocks last year, and the company also invests in offshore property assets.
Resilient released its financial results in February. At that time, it declared an 18.3% increase in distributions per linked unit for the six months ending in December 2013 compared to the same six month period the year before. The market average is approximately 7%.
The terms of the acquisition state that if the transfer is completed between September 1-30, 2014, the purchase price will be R975 million. If the sale takes place on or after October 1, the price will be R981,350 000, and this amount will increase at a rate of 7.7% per annum.
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