Vukile to internalise asset management services

Posted On Tuesday, 03 March 2009 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

Vukile Property Fund says its board has in-principle approved the decision to internalise its asset management services.

Laurence Rapp





Vukile Property Fund said on Tuesday that its board of directors has, in-principle, approved the decision to internalise its asset management services, currently performed in terms of a contract with Sanlam Properties.

In this regard, Vukile and Sanlam Properties have entered into discussions with regard to the proposed acquisition by Vukile from Sanlam Properties of the IT infrastructure and software, furniture and equipment and the take-on of certain employees directly related to the asset management function of the Vukile property portfolio as a going concern, the company said.

The initial five-year period of the Vukile Asset Management Contract is scheduled to expire on March 31 2009.

But Vukile said that to allow the discussions to be concluded Sanlam Properties have in principle agreed to extend the Vukile Asset Management Contract for a maximum period of six months, as opposed to a further five-year period, subject to Vukile unitholder approval.

Last modified on Friday, 18 April 2014 09:16
" "

Most Popular

Vukile transforms Pinetown’s first shopping centre, Pine Crest, into the first choice for shopping

Jul 25, 2019
The renovated new Pine Crest launched today after an innovative R200m, 14-month…

Successful construction of CrestAquarium by Concor Buildings

Jul 25, 2019
The indoor CrestAquarium at Cresta Shopping Centre allows shoppers to view more than 30…

The next wave of property development in Africa is coming

Jul 31, 2019
The past decade has seen South African property developers and investors forge their way…

Centurion Mall, Redefine’s largest asset after comprehensive refurbishment

Jul 25, 2019
The JSE-listed diversified real estate investment trust Redefine Properties today…

Sandton Central’s private sector green building leadership contributes to better public spaces

Jul 25, 2019
From 2010, when Nedbank completed its headquarters on the corner of Rivonia Road and…

Please publish modules in offcanvas position.