Resilient Property Income Fund snaps up Jubilee Mall for R975m

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Resilient Property Income Fund acquires Jubilee Mall in Hammanskraal north of Pretoria from NAD Property Income Fund, on a purchase price of R975 million. Resilient Property Income Fund acquires Jubilee Mall in Hammanskraal north of Pretoria from NAD Property Income Fund, on a purchase price of R975 million.

Retail-focused, Resilient Property Income Fund on Tuesday concluded agreements to acquire Jubilee Mall in Hammanskraal north of Pretoria from NAD Property Income Fund, on a purchase price of R975 million.

According to Resilient Property Income Fund, the acquisition is in line with company’s strategy of investing in dominant regional retail properties.

Located at the Corner Harry Gwala and Jubilee Road, Hammanskraal, mall covers a total floor space of 52 577m² of which 51 377m² is retail and 1 200m² is office.

The weighted average net rental per square metre per month is R116.54.

Previously owned by NAD Property Income Fund, and managed by New Africa Developments (NAD), the mall forms part of NAD's pioneering vision to bring major retailers to previously disadvantaged communities through the development of the shopping centres.

The JSE-listed property group, Resilient, which was one of South Africa’s best-performing listed property stocks last year, also invests in offshore property related assets.

In its financial results released on February, Resilient declared an 18.3% increase in distributions per linked unit for the six months to December last year compared with the six months to December the year before. The market average is about 7%.

Jubilee Mall: Terms of the Acquisition

Should transfer take place between 1 September and 30 September 2014, purchase price for acquisition will be an amount of R975 million, but should transfer of property take place on or after 1 October 2014, purchase price will be an amount of R981,350 000, which amount shall escalate at a rate of 7.7 pct per annum.


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