South African property loan stock company Vukile Property Fund will purchase a portfolio of 20 properties from Sanlam Life Insurance, Independent Online reports. The fund, listed on the Johannesburg Stock Exchange, will pay a total of $186.7 million for the acquisition.
The transaction, scheduled to be effective in June, will be financed through a combination of debt and the issue of new linked units. Meanwhile, the Public Investment Corp. (PIC) is acquiring 70.2 million Vukile linked units from Sanlam, following which Sanlam’s holding in Vukile will decrease to 13.6 percent.
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Vukile Property Fund Public Investment Corp. Vukile Sanlam Life Insurance South African