Delta to buy Old Mutual buildings for R487 million - CNBC Africa

Delta to buy Old Mutual buildings for R487 million

Southern Africa

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Old Mutual Centre, Durban, South Africa. PHOTO: Office Providers

“The acquisitions are in line with Delta’s strategy of actively pursuing investment opportunities that will enhance the overall quality and value of its portfolio,” said Delta, a South African based black owned property loan stock company, in a statement.

(WATCH VIDEO: Delta Property Fund reports increase in portfolio value)

[DATA DLT:Delta Property Fund Limited] will acquire the OMC Durban properties, comprising of the Old Mutual Centre, Westguard House, 300 Smith Street and the 400 bay car-park situated on the former Gardiner House/Mutual Building sites, for 291 million rand, as well as the Marine from Old Mutual Life Assurance for 196 million rand.

Delta stated that the properties are well established and tenanted with low risk tenants, as well as a rental guarantee from the seller for a period of two years.  

The acquisitions are set to take place during September 2014.

(READ MORE: Delta Property Fund buys over Phamog Properties)