Delta Property Fund: Tembisa MegaMart bought for R240m

Delta Property Fund had concluded an agreement to acquire Tembisa MegaMart, which is under construction, from Realty Dynamix 107 for R240 million in cash, the listed property fund reported yesterday. Delta added that the neighbourhood shopping centre was an attractive investment because 81 percent of its tenants were national names, including Pick n Pay, Pep and Buildrite. The centre also provided Delta with diversification in terms of sectoral spread, and the acquisition was in line with Delta’s strategy of pursuing investment opportunities that would enhance the overall quality and value of its portfolio. The effective date of the acquisition is September 1, but is subject to a number of conditions, including approvals from the JSE and the Competition Commission and the development being completed in line with the development plan by no later than August 1. Delta’s linked units fell 4c to close at R8.10 yesterday. – Roy Cokayne