Property group Delta has bought out 20 properties from four property portfolios for over R1-billion, the company announced on Friday.
The acquisitions of well-established, low-risk, mostly single-tenanted properties enabled the group to diversify its geographic footprint, particularly into Mpumalanga, as well as redevelopment opportunities.
Effective December 1, Delta would own three properties in Gauteng within the Capital portfolio bought for a collective R300-million, three properties in KwaZulu-Natal in the Rob Alexander portfolio valued at R287.2-million and two properties in the Northern Cape, within the Trifecta portfolio, for R101.5-million.
Delta also bought 12 properties based in Nelspruit, Mpumalanga, under the Karimu portfolio, for R315.3-million, the effective date of which was January 1.
The R1-billion price tag excluded R8.4-million in ancillary costs related to the acquisitions.
The deal, subject to the fulfilment of the conditions precedent, would be funded through a combination of debt funding and the issuing of additional Delta linked units.
The conditions included the satisfactory outcome of a due diligence by Delta, board and shareholder approvals, and the nod from the Competition Commission, besides others.