Vunani approves acquisition from Redefine

Vunani Property Investment Fund Limited (VPF) on Wednesday approved the acquisition of the Foretrust Building in Cape Town as a going concern from Redefine Properties Limited for an amount of R249.5 million.

The Foretrust Building consists of 26,780 square metres of office space and was independently valued at R251 million in December last year.

Rob Kane, chief executive of Vunani Property Investment Fund, said: "This acquisition is in line with our strategy of acquiring yield enhancing, well located quality assets with stable income streams."

Foretrust Building was acquired at a yield of 11% and is well located within the foreshore area, a rapidly developing node. The building is tenanted by two state departments with six years remaining on the lease."