Vukile secures 34% share in Synergy Income Fund
In a bid to boost JSE-listed Vukile Property Fund’s investment exposure to retail property and the Western Cape region, the company has concluded an agreement to acquire 52.3-million B-linked units in Synergy Income Fund, representing a 34% interest in the fund, from the Liberty Group.
The purchase consideration would be discharged through the issuing of some 20.6-million Vukile linked units to Liberty on December 17, to be held in the Liberty property portfolio.
Vukile CEO Laurence Rapp said the transaction was “earnings enhancing” and aligned with its strategy of growing the fund’s exposure to retail property, particularly shopping centres that served the lower-income and emerging middle markets.
“Synergy is a good addition to our portfolio and complements our overall exposure to this growing market, as it is a specialised retail property fund with a focus on midsized shopping centres in high-growth nodes generally serving lower-income consumers,” he said in a statement on Thursday.
The trust owned 15 shopping centres that were dominated by commuter-oriented centres in township areas and rural towns in six provinces, which were valued at over R2.2-billion.
“Synergy has built a good portfolio and its property footprint is concentrated in the Western Cape, where we are currently underrepresented, making it even more attractive to Vukile,” said Rapp.
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