Delta Property Fund, a black-managed and substantially black-owned property fund with significant exposure to government tenanted offices, has entered into a sale and subscription agreement with Atterbury Investment Holdings to acquire the entire issued share capital of Atterbury Parkdev Consortium.
Atterbury Parkdev Consortium is the owner of the property known as “Harlequins Office Park” in Pretoria.
The purchase consideration for the acquisition is R136 000 000, which will be settled with a combination of cash and shares.
Delta believes the acquisition represents an attractive investment to its linked unitholders by introducing a well-established property with low risk tenants to the portfolio. Included in the acquisition of the property, there is additional available bulk adjacent to the building for future development.