Vunani Property Investment Fund (VPIF), an office dominated JSE listed property fund announced that both its unitholders and board have approved the sale of the asset management business from Vunani Property Asset Management Proprietary Limited to Texton Property Investments Proprietary Limited at a meeting held in Johannesburg today. A new REIT compliant Memorandum of Incorporation was also approved at the same meeting.
Rob Kane, CEO of VPIF commented on the results of the general meeting: “We are pleased to have received such an overwhelming vote of confidence from our unitholders.
“We look forward to the positive impact that this deal will have on our current business strategy and objectives. The incoming shareholders bring significant experience and knowledge to the business. We remain committed to creating stakeholder wealth in the Fund and as such believe this injection of skills lays a solid platform for us to do this.”
Securing continuity of management and expertise in the transaction, Rob Kane will remain CEO and Marelise de Lange as CFO. Angelique de Rauville, Gerard de Rauville, Chick Legh and Thys van Heerden will bolster the management team with their many years of experience and knowledge of the sector. In addition, two senior executives have recently been appointed which will give the Fund a very robust management team.
The management and board of VPIF remain committed to the transformation and empowerment objectives of South Africa and have expended considerable effort in addressing VPIF’s objective of having a meaningful, sustainable and commercially driven black economic empowerment shareholding at the listed level. The Board has elected a sub-committee to drive the finalisation of the structure and the selection of participants. It is anticipated that implementation will take place in the second quarter of 2014.