JSE-listed real estate investment trust Accelerate Property Fund will acquire the property holding companies for six properties currently tenanted by KPMG and KPMG Services across South Africa for R850-million.
Accelerate would settle the purchase price through a fully funded debt package.
The properties included the iconic KPMG Crescent and sky bridge off Jan Smuts Avenue, as well as Wanooka Place, in Parktown, and A-grade offices with on-site parking in Polokwane, Port Elizabeth and Secunda, with a combined gross lettable area of 46 941 m2.
“We are delighted to conclude this transaction. Although our focus strongly remains on retail, we saw a unique opportunity to acquire another quality portfolio through this strategic acquisition.
“KPMG is an exceptional counterparty to transact with. Its blue-chip status, combined with a 15-year lease, provides a defensive underpin to our portfolio,” commented Accelerate COO Andrew Costa.