Investec Property Fund: Dihlabeng, Foschini Building bought

Listed Investec Property Fund has acquired the 26 680m2 Dihlabeng Mall in Bethlehem in the eastern Free State, and the Foschini Building in the Johannesburg inner city for R434.9 million. The Dihlabeng Mall was equally owned by Bethcas Properties and Investec Property and the mixed-use office and retail Foschini Building was equally owned by John Alastair Legh and associated entities and Investec Property. Investec Property is the fund manager. Sam Leon, the chief executive of the fund, said the transactions demonstrated the value of the Investec connection and network to the fund. The R357.5m purchase consideration for the Dihlabeng Mall will be settled fully in cash and the R77.4m for the Foschini Building through an equal combination of cash and Investec Property Fund shares. Leon said the fund was happy with both these key retail acquisitions because they met its objectives of investing in properties the fund believed would deliver sustainable income and growth over time. Shares rose 0.34 percent to close at R14.65 on Friday. – Roy Cokayne