Resilient Property Income Fund: Jubilee Mall to be acquired for R975m

The Resilient Property Income Fund had concluded a deal to buy the Jubilee Mall from NAD Property Income Fund for R975 million, JSE-listed Resilient said late on Tuesday. Jubilee Mall, in Hammanskraal north of Pretoria, has a gross lettable area of 52 577m2, of which 51 377m2 is retail and the rest is offices. The weighted average net monthly rental is R116.54 a square metre. The fund said the deal was in line with its plan to invest in dominant regional retail properties. The acquisition will be paid for through the issuing of 6.57 million new Resilient linked units at R57 each, representing R375m of the purchase price, with the rest settled in cash. The price is conditional on transfer taking place in September and will increase to R981m if the transfer goes through on or after October 1. The amount payable will escalate at a rate of 7.7 percent a year, calculated daily and compounded monthly, from October 2 until the date of transfer. – Roy Cokayne