Ingenuity had entered into an agreement with Annenprop 4 to acquire two mixed retail and office properties in Cape Town for R82 million, the company said on Friday.

The properties are 14 Dreyer Street and 72 Main Road in Claremont.

The deal will become effective on transfer, which is expected in March next year.

The listed property firm said the properties had been bought in line with its strategy to build a quality portfolio of assets focused in the Western Cape.

The purchase consideration would be settled with a combination of shares and cash.

The acquisition is subject to a number of conditions. Ingenuity’s stock was untraded at 75c on Friday. – Roy Cokayne