Delta Property Fund: Durban properties bought for R487m

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Delta Property Fund had agreed to acquire several properties in Durban from Old Mutual Life Assurance for a total of R487.2 million cash, the listed property fund said yesterday. The properties being acquired are OMC Durban, comprising Old Mutual Centre, Westguard House, 300 Smith Street and the 400-bay car park situated on the former Gardiner House/Mutual building sites plus The Marine and The Marine Parking. The effective date of the acquisitions will be the date of registration of transfer of the properties into the name of Delta, which is expected to be during September. Delta said the acquisitions presented attractive investment opportunities to the fund’s unitholders because they were well established and tenanted with low-risk tenants. The transaction is still subject to a number of conditions, including Delta obtaining all the regulatory approvals required by May 30. Delta’s linked units gained 5c to R8.20. – Roy Cokayne

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