Vukile acquires three shopping malls from Rebosis Property

Property group Vukile said on Monday it had concluded a deal to acquire three rental enterprises comprising Mdantsane City shopping centre, Bloed Street Mall and Sunnypark shopping centre from Rebosis Property.

The purchase amount will partly be determined by applying a yield of nine percent to the forecast net property income to be generated from the shopping centres for the 12-month period commencing August 31.
The rental enterprise includes the immoveable properties, land and buildings together with all movable assets, fixed assets and installed assets.

“The acquisition of the shopping centres is in line with Vukile’s stated strategy of being a high-quality, low-risk JSE listed retail focused REIT (real estate investment trust) operating in South Africa and in Spain,” the company said.

“The acquisitions are consistent with Vukile’s South African focus on mid to low LSM (living standards measure) shopping centres in South African townships and urban areas.”

It said the acquisition would complement Vukile’s retail portfolio and positioning as a leading retail REIT in South Africa.